The Securities and Futures Commission of Hong Kong seeks a court order to disqualify four former directors of CENTURY EN INTL (08132).

On September 19, the Securities and Futures Commission of Hong Kong issued a statement seeking a court order to revoke the disqualification of four former directors of CENTURY EN INTL Holdings Limited (08132) (formerly known as China Oil Gangran Energy Group Holdings Limited) (China Oil Gangran Energy). The four individuals involved in the legal proceedings by the Hong Kong Securities and Futures Commission are former executive director Ho Chun Kit (male); former executive director, CFO and company secretary Cheng Kin Pang (male); former independent non-executive directors Yeung Yuen Ching (female) and Lau Chung Tat (male). Prior to taking the above action, the Hong Kong Securities and Futures Commission conducted an investigation into China Oil Gangran Energy's loss of control over four major operating subsidiaries in mainland China. Due to the company's loss of control over these subsidiaries, it no longer consolidated accounts with them from January 1, 2019, resulting in a loss of HK$184 million for the year ended March 31, 2019. The Securities and Futures Commission of Hong Kong alleges that the former directors failed to properly oversee the four main operating subsidiaries in mainland China and did not act in the best interests of the company. Their lack of supervision over a long period ultimately led to the inability to consolidate accounts with the operating subsidiaries, resulting in significant financial losses. In addition, Ho, Yeung, and Lau are held responsible for inaccurate or misleading information related to one of the subsidiaries in mainland China, as stated in a circular issued by China Oil Gangran Energy in 2014. According to the information, China Oil Gangran Energy was listed on the GEM of the Stock Exchange of Hong Kong on May 18, 2011. The company and its subsidiaries primarily engaged in the trading of refined oil and methyl tert-butyl ether at critical times, as well as the manufacturing and sale of power supplies and data cables.