Cnooc’s Nexen acquisition marred by insider trading charges

US securities regulators filed a complaint on Friday alleging that a company connected to a Chinese billionaire made illegal trades in Nexen.

Cnooc’s Nexen acquisition marred by insider trading charges
Insiders bought 1.5 million shares in Nexen ahead of CNOOC's acquisition announcement

A company controlled by Chinese billionaire Zhang Zhi Rong has become embroiled in an insider trading scandal surrounding Cnooc’s record $15.1 billion acquisition of Canadian oil and gas company Nexen.

On Friday, securities regulators in the US froze the assets of Well Advantage after its trading in Nexen shares attracted suspicion. The SEC said that the British Virgin Islands company and other unknown investors had stockpiled shares in Nexen after gaining possession of “material...

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