Two Hong Kong Firms to Pay $11 Million Over Inside Trades
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Two Hong Kong-based asset-management firms agreed to pay about $11 million to settle U.S. regulatory claims related to improper trades made before China-based Cnooc Ltd. said it would acquire Canadian energy firm Nexen Inc.
Citic Securities International Investment Management HK Ltd. and China Shenghai Investment Management Ltd. were the last two firms holding assets that were the subject of a 2012 Securities and Exchange Commission probe of illegal trades ahead of the merger announcement, the agency said in a statement yesterday. The SEC has collected almost $30 million in illicit profits and penalties in the case.