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Nexen insider trading case settled

Nexen insider trading case settled
Zhoushan: China Rongsheng announced that the insider trading case involving itschairman Zhang Zhi Rong has been settled with the US Securities and Exchange Commssion for $14.2m.

A complaint had been filed against Well Advantage Ltd, a company indirectly wholly-owned by Zhang, as well as other parties, which
were alleged to have traded in the shares of Canadian energy company Nexen Inc while in possession of confidential information concerning
the proposed acquisition of Nexen by Chinese oil company CNOOC in July, resulting in a profit of $7m.

In a stock market release, China Rongsheng said the civil proceedings against Well Advantage were formally settled on Nov 5 and reiterated
that Zhang was not named as a defendant in the  civil proceedings, and no charges were filed against him personally.

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