China Natural Gas Settles SEC Suit Over $14M Family Loans

Law360, New York (June 7, 2013, 7:11 PM EDT) -- China Natural Gas Inc. has agreed to settle a U.S. Securities and Exchange Commission lawsuit that claimed it secretly loaned $14.3 million in company cash to relatives of the chairman, the SEC said Friday.

The chairman, Qinan Ji, has also agreed to settle the SEC suit, the commission said. China Natural Gas said in a regulatory filing that Ji has resigned from his post.

China Natural Gas bills itself as one of the largest providers of natural gas for Xi’an, China, the city where the company...
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