WASHINGTON, March 29 U.S. securities regulators
on Friday said a Chinese businessman and his wife accused of
insider trading in a case involving China-based CNOOC Ltd's
successful bid for Canada's Nexen Inc have agreed to
settle charges against them for $3.3 million.
The Securities and Exchange Commission said that the couple
will settle charges that they stocked up on Nexen shares while
possessing non-public information about a pending announcement
that the energy company was being acquired by CNOOC Ltd.
CNOOC said in July 2012 that it had agreed to acquire Nexen
for $15.1 billion, China's biggest-ever foreign takeover bid.
Shares of Nexen jumped almost 52 percent that day.
The SEC got an emergency court order to freeze multiple
trading accounts after suspicious trading in Nexen stock was
The agency's complaint alleged that in the days before the
announcement, Hong Kong-based firm Well Advantage Limited and
other unknown traders bought Nexen stock based on confidential
details about the deal.
That probe identified Ren Feng and his wife, Zeng Huiyu, as
previously unknown traders, the SEC said.
The agreement is subject to court approval.