SEC Sues For Insider Trading Of Nova Stock | August 3, 2009 Issue - Vol. 87 Issue 31 | Chemical & Engineering News
Volume 87 Issue 31 | p. 16 | Concentrates
Issue Date: August 3, 2009

SEC Sues For Insider Trading Of Nova Stock

Department: Business
Keywords: SEC, insider trading, Nova Chemicals

The U.S. Securities & Exchange Commission has filed a suit against Khaled Mohammed Sharif Al Sayed Al Hashemi for unlawful insider trading of Nova Chemicals shares. According to the complaint filed in the U.S. District Court for the Southern District of New York, SEC wants the court to order Al Hashemi to give up $458,760 in trading profits and pay an unspecified civil penalty. SEC alleges that Hashemi, an information technology manager at Abu Dhabi Oil Refining, purchased 120,000 Nova shares in the two weeks before the Feb. 23 announcement that International Petroleum Investment Co. had agreed to buy Nova for $2.3 billion. The government of Abu Dhabi owns both IPIC and Abu Dhabi Oil Refining.

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