Vermilion Energy employee pays C$400,000 to Alberta regulator for insider trading

Vermilion Energy

27/12/2023 20:20

Dec 27 (Reuters) - An employee of Canadian oil and gas
company Vermilion Energy  VET.TO  paid the securities regulator
C$400,000 ($302,755.07), more than double the profit made by
insider trading, the Alberta Securities Commission (ASC) said on
Wednesday.
    Behjat Haghshenas, who was a senior reservoir specialist for
Vermillion, admitted to illegal insider trading in the shares of
oil and gas producer Leucrotta Exploration before its
acquisition by Vermilion, according to the ASC.
    Haghshenas has also agreed to a 10-year trading ban as part
of a settlement agreement, the ASC said.
    Vermilion bought Leucrotta for C$477 million in 2022.
    "Haghshenas became aware of material facts about the
potential acquisition that were not generally disclosed and she
purchased Leucrotta shares while in possession of those facts,"
the securities regulator said, adding that Haghshenas sold her
Leucrotta shares for a profit of C$146,400.
    Vermilion did not immediately respond to a Reuters request
for comment.

 ($1 = 1.3212 Canadian dollars)

 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.Bose@thomsonreuters.com))