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Financial Markets Authority takes action over market manipulation concerns

Financial Markets Authority takes action over market manipulation concerns

The Financial Markets Authority has taken the chief executive and two directors of Oceania Natural to court, claiming they manipulated the share market.

It has issued civil proceedings in the Auckland High Court against four people in relation to trading in Oceania Natural, which at the time was listed on the NXT stock exchange board.

The proceedings relate to alleged breaches of market manipulation prohibitions and the disclosure obligations in the Financial Markets Conduct Act. The FMA is seeking financial penalties.

The four people subject to proceedings are Wei Zhong, also known as Walker, who was executive chairman and chief executive, Lei Ding, known as Regina, who was marketing director and Zhonyan Meng, known as Sean, who was a director. Another person involved as name suppression.