Stay updated with breaking news from Newy trading. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
NZX-listed company QEX Logistics censured and fined $150k - its second big penalty in three months stuff.co.nz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from stuff.co.nz Daily Mail and Mail on Sunday newspapers.
QEX announced on Thursday that it planned to delist from the NZX after the resignation of most of its board and a string of negative events. The company reported the theft of about $4m in stock from a Shanghai warehouse last year, and since then charges have been laid by the Ministry of Primary Industries under the Animal Products Act against QEX’s trading subsidiary, New Y Trading, and QEX chief executive Ronnie (Jingjie) Xue. Supplied Oliver Mander believes QEX leaving the NZX would be the “worst possible outcome” for shareholders. Now QEX, which exports infant formula and health products, is currently suspended from trading after all its directors except Xue resigned in February. Under NZX rules, the company must have a minimum number of directors. ....
The charges were first laid in November but only confirmed now. Charges brought by the Ministry for Primary Industries against QEX Logistics for alleged breaches in the export of milk powder, infant formula, and honey are heading to trial. In February, the struggling NZX-listed logistics company said that last November MPI had brought charges against it under the Animal Products Act. Those charges alleged its wholly owned subsidiary and trading company New Y Trading and chief executive and majority shareholder Jinjie (Ronnie) Xue attempted to export milk powder and honey in August 2019 without raising export declarations in MPI’s e-certificate system. ....
Suspended QEX loses second auditor in less than a month 8 Mar, 2021 08:53 PM 3 minutes to read Ronnie and Doreen Xue of QEX Logistics. Photo / Supplied QEX logistics has lost its second auditor in less than a month. The company said its auditor, RSM Hayes Audit, had resigned, effective from today. RSM was appointed on February 10 after the resignation of Deloitte. Read More Advertisement • The resignations of its independent directors and the company s non-compliance with the NZX Listing Rules. • The suspension of QEX s ordinary shares from trading on the NZX. QEX said the company is in discussions with potential replacement auditors. NZ RegCo, the NZX s regulatory arm, last month said formal investigations were under way into QEX on a number of matters relating to the company s compliance with listing rules and disclosure requirements. ....
NZX's NZ RegCo launches investigation into QEX nzherald.co.nz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nzherald.co.nz Daily Mail and Mail on Sunday newspapers.