Rongsheng boss reaches agreement with SEC

Hong Kong: China Rongsheng Heavy Industries Group Holdings has said an investment firm owned by its chairman, Zhang Zhirong, reached a deal with the US Securities and Exchange Commission over an alleged insider trading deal.

Hong Kong-based Well Advantage – an investment firm controlled indirectly by Zhang – has agreed to pay US$14.25m.

Four months ago the SEC accused Well Advantage of profiting to the tune of $7.12m through trading 830,000 shares of Nexen Inc ahead of a bid by state-owned CNOOC take over the Canadian oil firm.  [13/11/12]

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