21 July 2023

Oceania Natural Limited (ONL) and associated individuals

The case centres on the trading in shares of Oceania Natural Limited between May 2016 and April 2017 and the four individuals subject to the proceedings are:

  • Wei (Walker) Zhong who was the Executive Chairman and CEO of Oceania Natural Limited.
  • Lei (Regina) Ding, Marketing Director of Oceania Natural Limited.
  • Zhongyang (Sean) Meng, a previous Director of Oceania Natural Limited.
  • Jiashun (Sam) Qian, a chartered accountant.

 

July 2023 - The penalty hearing for the first and second defendants in the Oceania Natural Limited (ONL) proceeding brought by the Financial Markets Authority – Te Mana Tātai Hokohoko – was heard at the High Court in Auckland last Thursday, 13 July. 

 

April 2023 - Wei (Walker) Zhong and Lei (Regina) Ding have been found to have contravened the Financial Markets Conduct Act 2013 in relation to the trading of Oceania Natural Limited (ONL) shares.

 

March 2022 - Zhongyang (Sean) Meng and Jiashun (Sam) Qian have been ordered to pay pecuniary penalties of $180,000 and $130,000 respectively for market manipulation and disclosure breaches involving Oceania Natural Limited (ONL) shares. 

 

15 April 2019 - There are fifteen causes of action being brought before the High Court by the FMA. Nine relate to alleged breaches of disclosure obligations and six relate to alleged breaches of market manipulation prohibitions.

 

December 2016 - The trading was referred to the FMA by NZX in December 2016.