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Failed honey company fined $2 million over market manipulations

July 22, 2023
in Business
Failed honey company fined $2 million over market manipulations
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Executives of the failed honey export company, Oceania Natural, have been ordered to pay nearly $2.1 million. (Stock image)
Photo: 123RF

The Financial Markets Authority has secured notable penalties in two long-running cases.

Two former senior executives of the failed honey export company, Oceania Natural, have been ordered to pay nearly $2.1 million for trying to manipulate the company’s shareprice and breaching disclosure rules.

The High Court imposed a $1.33m penalty on the company’s executive chairman and chief executive Wei (Walker) Zhong and a $760,000 penalty on senior manager and marketing manager Lei (Regina) Ding.

The pair had been found to have breached the financial laws in April, with the court ruling Zhong had six market manipulation contraventions and three disclosure contraventions, and Ding had six market manipulation contraventions and five disclosure contraventions.

The civil case was brought by the FMA after it investigated and alleged the pair and two others had colluded in trying to lift the company’s share price using other people’s identities and not disclosing their trading, between April 2016 and April 2017.

The penalties are the highest awarded in a case of this type.

The other two people – Zhongyang (Sean) Meng and Jiashun (Sam) Qian – had admitted the charges in 2022 and penalised a total of $310,000 for their roles.

The FMA declined any comment until the judge’s full decision was released.

Forestlands penalties

Meanwhile, another successful FMA action has resulted in the sole director of a group of forestry companies being sentenced to community detention, for failing to file financial accounts, and making false statements.

Rowan Kearns was sentenced to four months’ community detention and 100 hours’ community work with a 9pm – 7am curfew in the Nelson District Court.

The FMA took a criminal case against Kearns in 2020 over his management of 18 forestry companies known as the Forestlands Group, andhe pleaded guilty in February to representative charges of making a false statement, failing to deliver financial statements, and failing to lodge financial statements.

The authority’s head of enforcement, Margot Gatland, said financial reporting was critical for investor confidence in financial markets.

“The FMA has used its powers in this criminal case to hold Mr Kearns to account for his offences and multiple breaches of the financial reporting legislation.”

“The court has agreed financial reporting must be accurate so investors can make informed decisions and give them a sense of protection when investing,” she said.

The case arose from complaints made by Forestlands investors about the lack of information about the sale of the forests in 2015/16 and the distribution of the $23.5m proceeds.

The FMA had $18m put in trust and forced the liquidation of the 18 companies.

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Copyright for syndicated content belongs to the linked Source : RNZ – https://www.rnz.co.nz/news/business/494213/failed-honey-company-fined-2-million-over-market-manipulations

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