Strong Petrochemical Holdings Files Lawsuit Against Former Directors Over RMB37 Million Crude Oil Transaction

Reuters

Oct 17

Strong Petrochemical Holdings Files Lawsuit Against Former Directors Over RMB37 Million Crude Oil Transaction

Strong Petrochemical Holdings Ltd. has filed a writ of summons with the High Court of Hong Kong against two former directors, Mr. Yao Guoliang and Mr. Tan Xiao. The company's indirect wholly-owned subsidiary, Strong Petrochemical Limited, is seeking approximately RMB 37 million in damages, alleging losses from a crude oil transaction in late 2024. The former directors are accused of breaching their fiduciary, common law, and statutory duties in connection with the transaction. The company is also seeking a court declaration to invalidate meetings and resolutions related to the transaction, as well as damages, equitable compensation, or restitution. Trading in the company's shares has been suspended since December 31, 2024, and will remain suspended until further notice.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Strong Petrochemical Holdings Ltd. published the original content used to generate this news brief on October 17, 2025, and is solely responsible for the information contained therein.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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