Wei (Walker) Zhong and Lei (Regina) Ding have been banned from being a director, promoter or manager of an entity, as defined in the Financial Markets Conduct 2013 (FMC Act), for nine years, the High Court of New Zealand has ruled.
Mr Zhong was the Executive Chairman and CEO of Oceania Natural Limited; Ms Ding was a senior manager and marketing director of Oceania Natural Limited.
The pair were found to have breached the market manipulation and disclosure provisions under the FMC Act in April 2023. They received the highest penalties imposed to date for breaching the market manipulation provisions. Mr Zhong received a penalty of $1.3 million and Ms Ding was ordered to pay $760,000.
The Financial Markets Authority sought banning orders for both Mr Zhong and Ms Ding and costs as part of the proceeding.
