MANHATTAN (CN) – An official in Abu Dhabi’s Tourism Authority who also work for Abu Dhabi Oil Refining Co. made $459,000 by trading ahead on inside information about Nova Chemicals Corp.’s acquisition by the International Petroleum Investment Co., the SEC claims in Federal Court.
The Sec sued Khaled Mohammed Sharif Al Sayed Al Hashemi aka Khaled Al Hashemi, of Abu Dhabi in the United Arab Emirates.
Hashemi is or was an information technology manager for the Abu Dhabi Oil Refining Co. and an “administration director” in the Abu Dhabi Tourism Authority, the SEC says.
He bought 120,000 shares of Nova at $1.41 based on the inside information, and sold them at $5.24 when the share price jumped upon the merger announcement in February, the SEC says. It wants the money back, and it wants Hashemi ordered not to do it again.