Core Viewpoint - The Securities and Futures Commission (SFC) is seeking disqualification orders against four former directors of Banyu International Energy due to their failure to properly supervise the company's major operating subsidiaries in mainland China, leading to significant financial losses [1][3]. Summary by Relevant Sections Legal Proceedings - On September 22, Banyu International Energy announced that 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, with the hearing set for September 19, 2025 [1]. Financial Impact - The investigation by the SFC stems from Banyu International Energy losing control over four major operating subsidiaries in mainland China, which were not consolidated into the company's financial statements since January 1, 2019. This resulted in a financial loss of approximately HKD 184 million for the year ending March 31, 2019 [3]. Directors Involved - The four former directors involved in the legal proceedings are: - He Junjie (former executive director) - Zheng Jianpeng (former executive director, CFO, and company secretary) - Yang Yuanjing (former independent non-executive director) - Liu Chongda (former independent non-executive director) [3]. Company Operations - Banyu International Energy, formerly known as China Oil Hong Kong Group Holdings Limited, was listed on the Hong Kong Stock Exchange's Growth Enterprise Market on May 18, 2011. The company primarily engages in the trading of refined oil and methyl tert-butyl ether, as well as the manufacturing and sale of power and data cables [3]. Company Response - The board of Banyu International Energy stated that the legal proceedings have not significantly adversely affected the business operations of the company and its subsidiaries, and they will keep shareholders and investors updated on any significant developments regarding the case [3].
香港证监会申请取消百能国际能源四名前董事资格