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Billionaire Kjell Inge Røkke, the largest shareholder in both Aker and Aker Solution (Image courtesy of Aker ASA)

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.