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Mar. 6, 2013

Major Chinese Petrochemical Company, Formed by Reverse Merger, Resolves Insider Trading and FCPA Charges with the SEC

  • ACR Editor
    Anti-Corruption Report
It’s an insider trading case with an FCPA twist: the SEC has announced that China-based Keyuan Petrochemicals, and its former CFO, Aichun Li, have resolved charges of violations of anti-fraud and reporting provisions of federal securities laws for failing to disclose related party transactions (a form of insider trading) as well for giving gifts to Chinese officials from a secret account.  The settlement must be approved by a judge.  See “Judge’s Refusal to Approve Civil FCPA Settlement Raises Concerns for Future FCPA Settlements with the SEC” (Jan. 9, 2013); “District Court Judge Modifies Demands in Push for Stricter Judicial Review of Civil FCPA Settlements” (Feb. 6, 2013).

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