Walker Zhong, Chief Executive of Oceania Natural. Photo / Supplied
Walker Zhong, Chief Executive of Oceania Natural. Photo / Supplied
The Financial Markets Authority (FMA) has filed civil proceedings against four individuals in relation to Oceania Natural shares.
The proceedings relate to alleged breaches of market manipulation prohibitions and the disclosure obligations in the Financial Markets Conduct Act 2013.
The FMA is seeking financial penalties.
The four individuals subject tothe proceedings are: Wei (Walker) Zhong who was the executive chairman and CEO of Oceania Natural Ltg; Lei (Regina) Ding, marketing director of Oceania Natural; Zhongyang (Sean) Meng, a previous director of Oceania Natural; and a fourth individual who has interim name suppression.
The case centres on the trading in shares of Oceania Natural Limited between May 2016 and April 2017.
Nine relate to alleged breaches of disclosure obligations and six relate to alleged breaches of market manipulation prohibitions.
The FMA's head of enforcement, Karen Chang, said maintaining market integrity is core business for the FMA.
"The FMA has brought, and will continue to bring enforcement action where it finds potential evidence of market manipulation and potential breaches of disclosure obligations," she said in a statement.