Company chief Zhang Zhirong pays US$14m to settle US insider case

Well Advantage, a Hong Kong company controlled by Zhang Zhirong, agreed to pay US$14 million to resolve United States regulatory claims that it profited from illegal trades before CNOOC's announcement that it would buy Nexen.

The settlement, which still must be approved by US Judge Richard Sullivan, amounted to double the illicit profits Well Advantage was alleged to have made when it stockpiled shares of Nexen based on confidential knowledge of the pending deal, the Securities and Exchange Commission said on Thursday.

via Business feed http://www.scmp.com/business/companies/article/1065378/company-chief-zhang-zhirong-pays-us14m-settle-us-insider-case