On 13 August, The Securities and Futures Commission secured a six-year disqualification order at the Court of First Instance against Tian Songlin, former executive director of National United Resources Holdings Limited (NUR). Tian pleaded admitted to breaching his fiduciary duties and negligently allowing a NUR subsidiary to participate in two fictitious fuel oil transactions totalling USD75.46 million in 2015, with falsified supporting documents and circular fund flows among connected parties. He was found to have seriously neglected his director duties by approving over HK$302 million in payments via pre-signed forms without proper verification, failing to convene board meetings for material transactions, passively acting as a rubber stamp, and causing misleading disclosures in NUR’s 2015 annual report. Tian is disqualified for six years from holding directorial or management positions in any Hong Kong corporate entity and is liable for the SFC’s legal costs. In the same proceedings, former NUR executive directors Li Hui and Feng Yongming, together with the alleged shadow controller Li Tao, face serious misconduct allegations for orchestrating and facilitating the fraudulent transactions. All three respondents are currently untraceable, and the SFC is seeking public assistance to locate them.
Sources: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=26PR124