Core Viewpoint - The Securities and Futures Commission (SFC) is seeking disqualification orders against four former directors of Banel International Energy (08132) due to their failure to properly supervise the company's major operating subsidiaries in mainland China, leading to significant financial losses for the company [1] Group 1: Legal Proceedings - The SFC is applying to the High Court of the Hong Kong Special Administrative Region for disqualification orders against four former directors under Section 214 of the Securities and Futures Ordinance [1] - The legal action follows an investigation by the SFC regarding the company's loss of control over four major operating subsidiaries in mainland China [1] Group 2: Financial Impact - The subsidiaries have not been consolidated into the company's accounts since January 1, 2019, resulting in a financial loss of approximately HKD 184 million for the fiscal year ending March 31, 2019 [1] - The former directors are accused of failing to act in the best interests of the company, leading to prolonged neglect in supervision and substantial financial losses [1] Group 3: Accountability - Three of the former directors are also held responsible for inaccuracies in a circular issued by the company in 2014, which contained misleading information regarding one of its operating subsidiaries in mainland China [1] - As of the date of the announcement, the legal proceedings have not had a significant adverse impact on the company's operations or its subsidiaries [1]
百能国际能源被指失控内地附属 证监会申请取消四名前董事资格