Italy's National Commission for Companies and the Stock Exchange (CONSOB) will have seven days following service by the UK court to apply to set aside or vary the judgment.

CONSOB last August imposed sanctions on Asfari, including a 300,000 euro fine, in relation to 2012 dealing in shares in an Italian company.

"I welcome today’s ruling from the High Court which confirms, as I have stated from the outset, that I was never served the CONSOB notice of charges against me, and consequently I was never given the chance to defend myself," Asfari said in the Petrofac statement.

“I have always emphatically maintained that I have done nothing wrong," he said.

(Reporting by Arathy S Nair in Bengaluru; editing by Jason Neely)