Primary Sector

QEX fined $150k and censured again

Rebecca Howard
Tue, 11 Jan 2022

QEX fined $150k and censured again
QEX has now been hit with a $150,000 fine. (Image: supplied)
Rebecca Howard
Tue, 11 Jan 2022
The NZ Markets Disciplinary Tribunal publicly censured QEX Logistics for breaching NZX Listing rules and ordered it to pay a financial penalty of $150,000, and the costs of the NZX and the tribunal.According to the determination, it failed to “promptly and without delay” advise the market of prospective and actual breaches by its wholly-owned subsidiary, New Y Trading Ltd, of its interest cover covenant with Westpac New Zealand.“The tribunal considers that each interest cover breach was material information because a reasonabl...

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