Hong Kong hedge fund Oasis Management and its head have been rapped by the city's securities regulator for alleged market manipulation.
The fund and Seth Fischer, its chief investment officer, were each fined HK$7.5 million (US$960,000), the Kong Kong Securities and Futures Commission said today. The regulator also reprimanded Oasis and Fischer for their trades in Japan Airlines Corp. five years ago which it said was designed to depress JAL's share price.
"The high fines underscore the SFC's determination to ensure Hong Kong's market remains an international and regional hub for high standards," Mark Steward, its head of enforcement, said.
Neither Oasis nor Fischer admitted or denied any wrongdoing; the hedge fund said it was "pleased to resolve this matter."