With SEC filing insider trading complaint, Conservatives must allow public review of deal
OTTAWA â€“ New Democrats are renewing their push for greater public scrutiny of the proposed buyout of Nexen by the state-owned China National Offshore Oil Corporation (CNOOC) after serious allegations of insider trading were raised by the United States Security and Exchange Commission (SEC) late last week.
â€œWith the SEC filing complaints against Hong Kong based investors on Friday, we need a closer examination of this deal,â€� said HÃ©lÃ¨ne LeBlanc NDP Industry Critic and MP for LaSalleâ€”Ã‰mard. â€œConservatives must agree to hold a thorough, transparent and public review of this takeover.â€�
Zhang Zhi Rong, one of the wealthiest men in China, along with other investors are alleged to have made $13-million through inside knowledge of the proposed buyout of Canadian company Nexen by the state owned CNOOC.
Zhang is chairman of Rongsheng Heavy Industries Group, which entered a strategic cooperation agreement with CNOOC in 2010.
â€œAllegations of insider trading are extremely serious and must be a wake-up call for the Conservatives. Now isnâ€™t the time to sit back and rubber stamp this deal,â€� said NDP Natural Resources Critic Peter Julian (Burnabyâ€”New Westminster). â€œConservatives must show they are on the side of Canadians, not the company, and allow public hearings into this proposed $15.1 billion cash deal.â€�
New Democrats added that when it comes to protecting Canadian jobs and industry, they will continue to hold the Conservative government to account.
For more information, please contact:
Marc-AndrÃ© Viau, Lead Caucus Press Secretary, 613-295-9228 or Marc-Andre.Viau@parl.gc.ca