Sinopec Daylight Executive faces Insider-trading charges

4/22/2013

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

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