Sinopec Daylight CEO Hit With Insider Trading Action

Law360, New York (April 23, 2013, 3:29 PM EDT) -- A Canadian securities regulator on Monday accused the president and CEO of Sinopec Daylight Energy, a Canadian unit of China Petrochemical Corp., of insider trading, saying the executive breached securities law when he acted on nonpublic information about Daylight’s takeover.

The Alberta Securities Commission is alleging that while head of Daylight before its 2011 $2.1 billion acquisition by energy behemoth China Petrochemical, also known as Sinopec Group, Anthony Lambert bought shares of Daylight using information about the proposed acquisition that wasn't publicly available.

Shortly after China...
To view the full article, register now.