Insider trading probe targets BP executives over GETEC deal

Insider trading probe targets BP executives over GETEC deal

The U.S. Securities and Exchange Commission (SEC) is investigating several BP executives for possible insider trading related to the company’s acquisition of GETEC ENERGIE GmbH, a German energy supplier, according to a report by The Washington Post

The SEC is looking into whether the executives, who have not been named, used confidential information about the deal to trade BP shares or options before the announcement on January 17, 2024. The deal, worth $2.5 billion, was expected to boost BP’s presence in the European power and gas market and help it deliver integrated energy solutions to commercial and industrial customers.

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The SEC has subpoenaed BP for documents and communications related to the deal, as well as the trading records of the executives involved. The agency has also contacted some of the executives’ brokers and advisers, the report said.

BP offered to acquire TravelCenters of America in December 2022, a deal that a Texas man pleaded guilty to knowing before buying stock.

BP said it is cooperating with the SEC’s inquiry and that it has a strict policy against insider trading. “We take these matters very seriously and we have zero tolerance for any violations of our code of conduct or the law,” a BP spokesperson said.

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The SEC’s investigation is the latest challenge for BP, which has faced scrutiny and criticism in both the U.S. and Europe over its environmental and social impacts. The company has been trying to transform itself into a more sustainable and diversified energy provider, following its pledge to become net zero by 2050.

Sagar Defence EngineeringD 


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