STRONG PETROCHEMICAL HOLDINGS (852) Announces Writ of Summons Over Unauthorized Payments

Bulletin Express

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STRONG PETROCHEMICAL HOLDINGS LIMITED (852) reported that, after appointing new management on 25 January 2025, a review of the Group’s financial records uncovered unauthorized payments made from a bank account of its indirect wholly-owned subsidiary between December 2024 and January 2025. These payments, totaling HK$8.80 million, were signed by a former director and made to several external entities without documented approval or justification.

On 25 February 2026, legal proceedings commenced in the Court of First Instance of the High Court of Hong Kong. The plaintiffs, comprising the Company and its subsidiary, are seeking recovery of the HK$8.80 million, damages, and other remedies. They allege breaches of fiduciary duties by former directors and unjust enrichment by the external recipients.

Trading in the Company’s shares on the Stock Exchange was suspended from 9:00 a.m. on 31 December 2024 and remains suspended until further notice. Shareholders and potential investors are advised to exercise caution when dealing in the Company’s shares.

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Shareholders and potential investors are advised to exercise caution when dealing in the Company’s shares.</p>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"00852","symbol_name":"海峡石油化工","start_time":0,"source_url":"","article_id":"1110964278","we_media_id":"1053168898","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1110964278","pubTimestamp":1772443493,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Bulletin Express","introduction":"Full Coverage of HK & US Stock Announcements","home_visible":1,"id":"1053168898","head_image":"https://community-static.tradeup.com/news/ed558ed0402cbe7d1ef4d150458f2b2e"},"summary":"STRONG PETROCHEMICAL HOLDINGS LIMITED (852) reported that, after appointing new management on 25 January 2025, a review of the Group’s financial records uncovered unauthorized payments made from a...","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"00852":"海峡石油化工"},"translate_title":"斯特朗石化控股(852)宣布就未经授权付款发出传票","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"00852":1},"content_text":"STRONG PETROCHEMICAL HOLDINGS LIMITED (852) reported that, after appointing new management on 25 January 2025, a review of the Group’s financial records uncovered unauthorized payments made from a bank account of its indirect wholly-owned subsidiary between December 2024 and January 2025. 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