By BEN DUMMETT
TORONTO -- The chief executive of Sinopec Daylight Energy, a
Canadian unit of China Petrochemical, has been charged with
insider trading stemming from the acquisition of Daylight
China Petrochemical, the Chinese energy
giant commonly known as Sinopec Group, acquired the Calgary oil
and gas company in 2011 for 2.2 billion Canadian dollars ($2.14
billion). At that time, Anthony Lambert headed Daylight and he
is currently listed as Sinopec Daylight's chief executive.
Mr. Lambert denied the charges and pledged to fight
"I disagree with the allegations and intend to contest them. I
complied with Daylight's corporate trading policies in every
respect, and made stringent efforts to ascertain that all
trades were permissible in advance. I am confident that once
the process has concluded, the ASC will find that there was no
improper conduct on my part," he said in a statement issued on
his behalf by Sinopec Daylight's public relations agency.
In a statement of allegations released Monday, the Alberta
Securities Commission alleged Mr. Lambert breached provincial
securities law by using undisclosed information about the
possible transaction to buy a total of more than 63,000
Daylight shares in August and September 2011 at prices between
C$6.98 and C$7.70 a share.
Sinopec publicly announced the deal on Oct. 9, offering C$10.08
The commission didn't provide Mr. Lambert's alleged profits
from the trading activity.
The provincial regulator also levied insider-trading
allegations against Mr. Lambert's ex-wife and her boyfriend for
buying Daylight shares ahead of the deal's announcement, using
information obtained through Mr. Lambert.
The Alberta Securities Commission said it will set a hearing
date next month.
Dow Jones Newswires