Strong Petrochemical Holdings (HKG:0852) said the winding-up petition filed by Chief Executive Officer Yao Guoliang against Speed Success Group in the Grand Court of the Cayman Islands on Dec. 4 was due to the lost of confidence in the management of Speed Success under the influence of Wang Jian Sheng, according to a supplemental filing with the Hong Kong bourse on Tuesday.
The petition stated that there is a lack of probity on the part of Wang, and there is a clear need for an investigation into his conduct, the filing said.
Strong Petrochemical is seeking legal advice on the matter.
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