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Courthouse News Service
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Chinese Traders Must|Regurgitate $11 Million

WASHINGTON (CN) - Two Hong Kong firms will pay $11 million to settle inside-trading charges, the SEC said Tuesday.

The SEC froze assets of unknown traders in July 2012 days after China-based CNOOC announced hits plan to buy Canadian energy company Nexen. The announcement sent Nexen shares u0 50 percent. The SEC sought its emergency asset freeze after finding that traders using brokerage accounts in Hong Kong and Singapore stood to make $13 million from it.

CITIC Securities International Investment Management (HK) Limited agreed to pay $6.6 million and China Shenghai Investment Management Limited will pay $4.3 million, the SEC said in a statement.

Two people and another business had to cough up $18 million for similar sneakiness, the SEC said.

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