---
title: "The actual controller of WLGF, Yan Pengfei, has been placed under residential surveillance on suspicion of embezzlement"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/223258386.md"
description: "WLGF announced that the actual controller Yan Pengfei is under residential surveillance due to suspected embezzlement. The company stated that after self-examination, no violations of guarantees or fund occupation were found, and Yan Pengfei does not serve as a director or senior executive of the company and does not participate in daily operations. The incident will not have a significant impact on the company's operations. The company's control remains stable, and work continues to progress"
datetime: "2024-12-25T09:18:03.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/223258386.md)
  - [en](https://longbridge.com/en/news/223258386.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/223258386.md)
---

# The actual controller of WLGF, Yan Pengfei, has been placed under residential surveillance on suspicion of embezzlement

According to the Zhitong Finance APP, WLGF (603779.SH) announced that the company today received a notification from the family of its actual controller, Mr. Yan Pengfei, who is under residential surveillance by the Huantai County Public Security Bureau for suspected embezzlement.

The company has a complete organizational structure and a standardized governance system, operating strictly in accordance with laws and regulations and the Articles of Association. After self-examination, the company has no violations regarding guarantees or the actual controller occupying company funds; Mr. Yan Pengfei does not hold the position of director, supervisor, or senior management in the company and does not participate in the company's daily operations. This matter will not have a significant impact on the operation of the company's board of directors and daily business activities. As of the announcement date, the company's control has not changed, and all work continues to be carried out steadily

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