From Forbes: A trading firm controlled by Hong Kong
billionaire Zhang Zhirong reaped more millions in illegal profits by trading on
inside information about the biggest energy deal in recent memory, U.S.
regulators say.
In a complaint released Friday, the SEC alleges Well
Advantage Limited and other unknown traders in Hong Kong and Singapore
stockpiled shares of Canadian energy concern Nexen in the days before Chinese
firm CNOOC announced a $15.1 billion acquisition of the company July 23.
The SEC froze the assets’ of the traders in question after
Well Advantage moved to liquidate its entire position in Nexen after shares
leaped on news of the CNOOC takeover. Zhang Zhi Rhong, the SEC’s Enforcement
Division says controls another company that has a strategic agreement with
CNOOC.
“Well Advantage and these other traders engaged in an
all-too-familiar pattern of misusing inside information to place extremely
timely trades and profit handsomely from their illegal acts,” said the SEC’s
Sanjay Wadhwa…
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