Strong Petrochemical Unit Sues Ex-Directors Over Crude Oil Deal Loss

MT Newswires Live

Oct 20

Strong Petrochemical (HKG:0852) said its subsidiary has filed a writ of summons with Hong Kong's High Court against two former directors for alleged breaches of fiduciary and statutory duties, according to an Oct. 17 bourse filing.

The case relates to a crude oil transaction in late 2024 that reportedly caused losses of about 37 million yuan. The company is seeking damages, a court declaration to invalidate related resolutions, and other remedies.

The company is seeking about 37 million yuan in damages, a court declaration invalidating related resolutions, and other remedies.

Trading in Strong Petrochemical's shares has been suspended since Dec. 31, 2024, and will remain halted until further notice.

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