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HK firms settle US insider trading case
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Two Hong Kong investment firms have agreed to pay a total of US$10.9 million to settle US regulators’ allegations of insider trading prior to CNOOC’s takeover of a Canadian oil and gas producer.
The US Securities and Exchange Commission announced the settlement on Tuesday with CITIC Securities International Investment Management and China Shenghai Investment Management.
In July 2012, CNOOC said it was buying Canadian energy producer Nexen Inc for US$15.1 billion. The SEC said CITIC, China Shenghai and several other firms had confidential information about the planned acquisition and bought Nexen stock before the announcement.
CITIC is paying US$6.6 million in restitution and penalties. China Shenghai and eight of its clients are paying US$4.3 million. The firms neither admitted nor denied the allegations.
Robert Giuffra, an attorney for CITIC, said the firm was pleased to resolve the matter.
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