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MARKETS & INVESTING | Staff Reporter, Hong Kong
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SFC fines Oasis Management almost $1m

The fund’s chief investment officer faces the same fine for alleged improper trading.

A Reuters report said, “Hong Kong's securities regulator has fined a fund and its chief investment officer close to $1 million each for alleged improper trading related to a public offering of shares in Japan Airlines in 2006.”

Oasis Management allegedly issued a large volume of short sell orders with the intention of driving down Japan Airlines' stock ahead of the pricing for the offering. “The regulator fined Oasis, which subscribed to the offering, and its chief investment officer, Seth Fischer, HK$7.5 million ($961,120) each,” said the report.

According to the report, the action comes after Japan's securities watchdog in July established a team to scrutinize offshore funds over concerns of dubious trading ahead of public share offerings.

View the report here.

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