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:
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. View media release.
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. See media release.
The trading was referred to the FMA by NZX in December 2016.