Sinopec Daylight CEO faces insider trading charges from Canadian authorities
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 Energy.
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 them.
"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 a share.
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
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