NZ regulator files civil proceedings against QEX Logistics Limited and its director
The Financial Markets Authority (FMA) of New Zealand has filed civil proceedings against QEX Logistics Ltd.
The Financial Markets Authority (FMA) of New Zealand has filed civil proceedings against QEX Logistics Ltd and its sole director, Jingjie Xue, for failing to comply with financial reporting requirements under the Financial Markets Conduct Act 2013 (FMC Act).
The FMA alleges that QEX, an FMC reporting entity, failed to prepare and lodge its financial statements for the year ending 31 March 2021, 2022, and 2023 with the Registrar of Companies. To date, none of these financial statements have been filed.
QEX is a logistics company that was listed on the New Zealand Stock Exchange (NZX) between 2018-2022. QEX’s NZX listing was cancelled in 2022 by NZRegCo – NZX’s regulatory function – in part because of failing to meet its financial reporting obligations.
The FMA is seeking a declaration from the court that QEX and Mr Xue, as sole director, contravened the FMC Act. The FMA is also seeking orders that the defendants pay pecuniary penalties to the Crown and that the court impose a management ban or restriction against Mr Xue.
The alleged FMC Act breaches include:
- Section 461 – Group financial statements must be prepared
- Section 461H – Lodgement of financial statements
- Section 534 – Directors treated as having contravened in case of financial reporting contravention
Maria Nikolova
Maria has been engaged in journalism for more than 17 years, providing Forex industry coverage for the past 10 years. Before joining FNG she was Managing Editor at FinanceFeeds. Prior to that, she worked at LeapRate. Maria has a Philosophy degree from the St. Kliment Ochridski university in Sofia. She has specialized in Cognitive Science in Vienna. Her interests include psychology, AI, and linguistics.Related Posts
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