On September 19, the Hong Kong Securities and Futures Commission (SFC) announced that it is seeking disqualification orders from the Court of First Instance against four former directors of CENTURY EN INTL Holdings Limited (08132) (formerly known as China Oil & Gas Energy Group Holdings Limited) under legal proceedings pursuant to section 214 of the Securities and Futures Ordinance.

The four individuals named in the SFC's legal proceedings are: former executive director He Junjie (male); former executive director, chief financial officer and company secretary Zheng Jianpeng (male); former independent non-executive directors Yang Yuanjing (female) and Liu Chongda (male).

The SFC's action follows an investigation into CENTURY EN INTL's loss of control over four major operating subsidiaries in mainland China. Due to this loss of control, the company ceased to consolidate these subsidiaries from January 1, 2019, resulting in a loss of HK$184 million for the year ended March 31, 2019.

The SFC alleges that the former directors failed to properly supervise the four major operating subsidiaries in mainland China and did not act in the company's best interests. Their prolonged lack of supervision ultimately led to the inability to consolidate these operating subsidiaries, resulting in substantial financial losses.

Additionally, He, Yang and Liu are held responsible for inaccurate or misleading information contained in a circular published by CENTURY EN INTL in 2014 regarding one of its mainland subsidiaries.

According to records, CENTURY EN INTL was listed on the Growth Enterprise Market of The Stock Exchange of Hong Kong Limited on May 18, 2011. During the relevant period, the company and its subsidiaries were principally engaged in the trading of petroleum products and methyl tertiary-butyl ether, as well as the manufacturing and sale of power supply and data cables.