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 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 $1.3m and Ms Ding was ordered to pay $760,000.
The Financial Markets Authority - Te Mana Tātai Hokohoko - sought banning orders for both Mr Zhong and Ms Ding and costs as part of the proceeding.
Justice Robinson awarded the FMA costs of approximately $468,000.
FMA Head of Enforcement, Margot Gatland, welcomed the decision. She said: "Banning orders are designed to protect the public from harm and hold egregious conduct, as was displayed in this case, to account. Senior managers of listed companies have a responsibility to act with integrity and trust, Mr Zhong and Ms Ding's conduct fell well short of what was expected of them. As Justice Robinson stated, Mr Zhong and Ms Ding's misconduct was flagrant and dishonest, and they showed a complete lack of remorse and contrition."
