New Zealand Financial Markets Authority reported that the Court has ordered former NZX-listed QEX Logistics Limited to pay $875,000 and its founder, director and chief executive officer Jingjie Xue to pay $175,000, and has banned Xue from being a director of any FMC reporting entities for three years, after QEX failed for several years to prepare and file its annual financial statements. This is the first time the FMA has instigated civil proceedings for breaching financial reporting obligations in the Financial Markets Conduct Act 2013. The penalties relate to failures to prepare financial statements that comply with generally accepted accounting practice, have those statements audited, and file the audited financial statements with the Registrar of Companies within four months of the entity’s balance date. QEX was suspended and then delisted from the NZX for breaches of listing rules and corporate governance requirements, and both QEX and Xue cooperated with the FMA throughout the investigation and proceedings.
New Zealand Financial Markets Authority 2026-04-23
New Zealand Financial Markets Authority secures $1.05 million civil penalties and three-year director ban for QEX Logistics financial reporting breaches
The New Zealand Financial Markets Authority reported that the Court has ordered former NZX-listed QEX Logistics Limited to pay NZD 875,000 and its founder, director and chief executive officer Jingjie Xue to pay NZD 175,000, and has banned Xue from being a director of any Financial Markets Conduct reporting entities for three years, for prolonged failures to prepare and file compliant audited annual financial statements. This is the first civil proceeding brought by the FMA for breaches of financial reporting obligations under the Financial Markets Conduct Act 2013, with QEX having been delisted from the NZX and both QEX and Xue cooperating with the investigation.