STRONG PETRO receives writ over USD34.18 million arbitral award; trading remains suspended

Bulletin Express

Apr 01

STRONG PETROCHEMICAL HOLDINGS LIMITED (STRONG PETRO) announced that it was served with a writ of summons dated 23 March 2026 from the Court of First Instance of Hong Kong. EuroAmerican International Energy L.L.C. is seeking to recover an outstanding USD34.18 million, plus interest and costs, under an arbitral award issued on 24 March 2022.

The claim stems from a crude-oil sale and purchase agreement signed on 14 October 2018 with Strong Petrochemical Limited (Macao Commercial Offshore) (Strong MCO), a former indirect subsidiary voluntarily liquidated in 2021. The plaintiff alleges that the company, three current or former directors and management members, two subsidiaries and a third-party individual conspired to move assets out of Strong MCO before and after its liquidation to frustrate enforcement of the award.

STRONG PETRO refutes the allegations and has engaged legal counsel to file a defence within the prescribed period.

Trading in STRONG PETRO shares has been suspended since 31 December 2024 and will remain so until further notice. Shareholders and potential investors are advised to exercise caution when dealing in the company’s securities.

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EuroAmerican International Energy L.L.C. is seeking to recover an outstanding USD34.18 million, plus interest and costs, under an arbitral award issued on 24 March 2022.</p>\n<p>The claim stems from a crude-oil sale and purchase agreement signed on 14 October 2018 with Strong Petrochemical Limited (Macao Commercial Offshore) (Strong MCO), a former indirect subsidiary voluntarily liquidated in 2021. The plaintiff alleges that the company, three current or former directors and management members, two subsidiaries and a third-party individual conspired to move assets out of Strong MCO before and after its liquidation to frustrate enforcement of the award.</p>\n<p>STRONG PETRO refutes the allegations and has engaged legal counsel to file a defence within the prescribed period.</p>\n<p>Trading in STRONG PETRO shares has been suspended since 31 December 2024 and will remain so until further notice. Shareholders and potential investors are advised to exercise caution when dealing in the company’s securities.</p>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"00852","symbol_name":"海峡石油化工","start_time":0,"source_url":"","article_id":"1122243674","we_media_id":"1053168898","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1122243674","pubTimestamp":1775051110,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Bulletin Express","introduction":"Full Coverage of HK & US Stock Announcements","home_visible":1,"id":"1053168898","head_image":"https://community-static.tradeup.com/news/ed558ed0402cbe7d1ef4d150458f2b2e"},"summary":"STRONG PETROCHEMICAL HOLDINGS LIMITED (STRONG PETRO) announced that it was served with a writ of summons dated 23 March 2026 from the Court of First Instance of Hong Kong. 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