The watchdog alleged Monday that Anthony Lambert bought shares in Daylight in August and September 2011 shortly before the oil and gas producer was acquired by Chinese firm Sinopec.
The $2.2-billion deal was not disclosed publicly until Oct. 9, 2011. The transaction was completed in December of that year.
The ASC also alleges Lambert tipped off his ex-wife, Sandra Pierce, about the takeover and that she then informed her boyfriend, Sean Turner. Both Pierce and Turner bought shares in the company.
In a statement Monday, Lambert denied the allegations.
"I complied with Daylight's corporate trading policies in every respect, and made stringent efforts to ascertain that all trades were permissible in advance," Lambert said.
"I am confident that once the process has concluded, the ASC will find that there was no improper conduct on my part."
The Sinopec offer was worth $10.08, a huge premium to the $4.59 it closed at the trading day before the deal was announced.
Lambert is currently listed as president, CEO and director of Sinopec Daylight Energy, a subsidiary of Sinopec.
An appearance to set a hearing date is scheduled for May 6 in Calgary. The allegations have not been proven.Suggest a correction