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Sinopec Daylight Executive faces Insider-trading charges

BY BEN DUMMETT

TORONTO -- The CEO of Sinopec Daylight Energy, a Canadian unit of Sinopec, has been charged with insider trading stemming from the acquisition of Daylight Energy.

Sinopec Group acquired Daylight Energy in 2011 for $2.14 billion. At that time, Anthony Lambert headed Daylight and he is currently listed as Sinopec Daylight' s CEO.

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 Alberta Securities Commission (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, the ASC 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 $6.80and $7.50 a share. Sinopec publicly announced the deal in October, offering $9.82 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 ASC said it will set a hearing date next month.

Dow Jones Newswires

04/22/2013

 

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