Reuters: Regulatory News: UPDATE 1-Canadian regulator announces Zungui penalties

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UPDATE 1-Canadian regulator announces Zungui penalties Aug 29th 2012, 16:12 Wed Aug 29, 2012 12:12pm EDT * Auditor raised red flags about Zungui in 2011 * Regulator ends trading in Zungui stock permanently * Bars 2 people linked to firm from Ontario capital markets TORONTO, Aug 29 (Reuters) - Canada's top securities regulator said on Wednesday it has permanently ceased trading in shares of Zungui Haixi Corp, and announced penalties for two people associated with the Chinese sportswear company. The Ontario Securities Commission (OSC) said Yanda Cai and Fengyi Cai have "demonstrated a total and continuing disregard for their obligations under Ontario Securities law". Yanda Cai is the company's former chief executive, and Fengyi Cai is identified in other OSC documents as its "principal securityholder". Both have been barred from acting as directors or officers of any issuer in Ontario, the OSC said, and ordered to pay C$63,667.50 in costs. Zungui was one of several China-focused companies with North American listings to come under pressure in the wake of fraud allegations against Chinese forestry company Sino-Forest Corp . Regulators temporarily ceased trading of Zungui's stock last August after the company said its auditor, Ernst & Young, had halted its audit pending an investigation into inconsistencies in the company's bank documents. In May, Zungui was delisted from the TSX Venture Exchange. Link this Share this Digg this Email Reprints

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