Alberta Alleges Insider Trading in Daylight Energy TakeoverRebecca Penty
Daylight Energy Ltd. Chief Executive Officer Anthony Lambert violated insider trading laws by buying shares in his company before its purchase by Sinopec International Petroleum Exploration & Production Corp., staff of the Alberta Securities Commission said in a notice.
Lambert also told his ex-wife about the proposed takeover, according to an e-mailed statement today from the commission. Lambert, his ex-wife and her boyfriend all bought shares in September 2011, prior to the public announcement of the takeover the next month.
Lambert denies the allegations and plans to contest, according to a statement e-mailed by the company’s spokesman Alan Bayless.
“I complied with Daylight’s corporate trading policies in every respect, and made stringent efforts to ascertain that all trades were permissible in advance,” Lambert said in the statement.
China Petrochemical Corp., the Beijing-based company known as Sinopec Group, acquired Daylight Energy for about C$2.2 billion ($2.14 billion) in December 2011 and renamed the Canadian company Sinopec Daylight Energy Ltd. Lambert remains CEO of the Canadian company, Bayless said in a phone interview.