STRONG PETRO (00852.HK)  0.000 (0.000%)   has announced an update on the suspected misappropriation of the group’s assets by Kwan Pui Shan, the former CFO of the group, Wang Jian Sheng, and his son, Paul Wang.

The external investigator concluded that there was abuse of power and conflict of interest on the part of Wang Jian Sheng who overrode the company’s internal controls for the benefit of himself and Paul Wang. In addition, there was failure on the part of Kwan to ensure compliance with the relevant internal control policies, to ensure the accounting records truly reflect the financial transactions of the company, and to report fraudulent and unauthorized claims.

The external investigator also pointed out that the above conduct has committed various theft and dishonesty related offences under the laws of Hong Kong, and made recommendation that the suspected misappropriation be referred to the relevant law enforcement agencies for criminal investigation.

At the request of STRONG PETRO, trading of its shares was suspended with effect from December 31, 2024 and will remain suspended.
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