Strong Petrochemical Holdings Limited (STRONG PETRO) reported that an independent review by Acclime Consulting (Hong Kong) Limited has concluded with no material deficiencies identified across the Group’s internal control framework. The announcement, dated 12 June 2026, details the completion of all remedial actions required under the Hong Kong Stock Exchange’s resumption guidance issued on 4 March 2025. Trading in STRONG PETRO shares has been suspended since 31 December 2024 and will remain halted pending further notice.
The Internal Control Review covered the period from 1 April 2024 to 31 March 2025, while a Follow-up Review examined the effectiveness of remedial measures implemented between 1 April 2025 and 31 January 2026. Using the COSO framework, Acclime assessed controls in five areas—control environment, risk assessment, control activities, information and communication, and monitoring—at both corporate and business-process levels.
Key enhancements include: • Control environment—collection of annual compliance confirmations, rollout of a unified staff handbook and employee code of conduct, and signing of related-party declaration letters by directors. • Risk management—formal risk registers, contingency plans and structured reporting lines are now in place. • Anti-fraud and ethics—group-wide training on anti-fraud, anti-money laundering and anti-corruption completed in August–September 2025. • Subsidiary oversight—monthly and quarterly reporting templates, registers for significant contracts, and dual-control mechanisms for bank transactions established. • Process controls—new written policies govern expense reimbursement, investment approval, bank-signature authorisation, document archiving, procurement, and supplier/customer management.
Following implementation, Acclime’s Follow-up Review confirmed that: 1) previously cited weaknesses, including those highlighted in an earlier forensic investigation, have been fully rectified; 2) new or revised policies are operating effectively; and 3) all employees, directors and senior managers have completed requisite training.
The company’s Audit Committee and full Board concur with Acclime’s conclusions, stating that existing controls are now “sufficient” to meet Listing Rule obligations and prevent recurrence of prior lapses. The Board will continue to monitor control effectiveness on an ongoing basis.
Despite the control improvements, STRONG PETRO’s shares will stay suspended until the Stock Exchange is satisfied that all resumption conditions are met. The company will release further updates and quarterly progress announcements as required. Shareholders and potential investors are advised to exercise caution when dealing in the company’s securities.