Chinese firm illegally traded on oil deal: SEC

The SEC said Friday that Well Advantage Limited and other traders used accounts in Hong Kong and Singapore to make over US$13 million trading shares in Canadian oil and gas company Nexen Inc. based on inside information.

China's CNOOC Ltd. Oil company announced plans to buy Nexen on Monday for US$15.1 billion.

Zhang Zhi Rong, a billionaire Hong Kong businessman, controls Well Advantage, according to the SEC. The agency said he also runs another company that has a “cooperation agreement” with CNOOC.

The SEC said it moved to freeze the assets shortly after Well Advantage tried to sell all of its Nexen stock.

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