Aker, the Norwegian holding company, will pay $8.5 million in fines for insider trading in shares of oil services firm Aker Solution, a company it controls.
Aker bought shares just days before Aker Solution sold a major subsidiary, the holding company said in a statement.
Aker Solution shares rose after the deal.
“This is a case of good intentions, bad execution. Aker has concluded that it is sensible to reach an agreement … and accept the penalty notice.” said billionaire Kjell Inge Røkke, the largest shareholder in both companies.
Aker made a gain of $2.83 million on the deal.
Its penalty is confiscation of this gain plus a fine equalling twice that amount.