Dubai-based journalist sentenced for share tipping scandal

Former Arabian Business editor Anil Bhoyrul has been sentenced to a 180-hour community punishment order for playing his part in an illegal share tipping scandal.

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By  Tim Addington Published  January 21, 2006

Former Arabian Business editor Anil Bhoyrul has been sentenced to a 180-hour community punishment order for playing his part in an illegal share tipping scandal. The Dubai-based journalist who works for ITP – publishers of Campaign – made around US$26,000 from the “buy, tip and sell” scam while working on the UK’s Daily Mirror’s City Slickers column. Bhoyrul will have to undertake tasks such as cleaning grafitti of walls, picking up litter or teaching adult literacy as part of his punishment. The Judge also ordered that the money he made as a result of the scandal be paid back. He pleaded guilty to conspiring to breach Britain’s Financial Service Act. His fellow columnist James Hipwell and day trader Terry Shepherd, were found guilty of the same offence after a trial late last year. Sentencing of Hipwell was adjourned for medical reports to be prepared. Shepherd was given a three-month jail term, half of which will be suspended. After the sentence hearing last Friday, Bhoyrul said he regretted his actions, but claimed a lack of leadership at the Daily Mirror led to the events. In a statement read by his lawyer, Miles Herman, Bhoyrul, said: "I wish to make it clear that I have never acted dishonestly, the articles were never printed with the intention of deliberately misleading the public as to their accuracy. "My share dealing activity was transparent: I bought and sold shares in my own name using my own bank account. It's not for me to make comment about others who were referred to during the trial. "However, the atmosphere and lack of leadership and moral responsibility whilst I was employed at the Mirror contributed significantly to these events." Bhoyrul and Hipwell used their City Slickers column to tip companies they held shares in and then sold them off at profit when the price rose. He was fired by the Daily Mirror as a result of the scandal, and moved to Dubai to become editor of Arabian Business in 2004. His tenure at the magazine ended suddenly last year, but he still remains with the publisher.

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