STRONG PETRO has established an independent board committee to investigate allegations and misconduct
STRONG PETRO established an independent director committee to investigate allegations and misconduct by former management. The company discovered that items from the original office were stolen after a special shareholders' meeting, including accounting records and email communications. A report has been filed with the Hong Kong police, and communication with relevant stakeholders is ongoing to locate the stolen items. Due to the complexity of the investigation, it may not be possible to release the 2024 annual performance on time. The independent director committee will hire professional consultants for an in-depth investigation and will provide conclusions and recommendations when appropriate
According to the announcement from STRONG PETRO (00852), a special shareholders' meeting will be held on January 25, 2025. After the meeting, the company's representatives will enter the former Hong Kong headquarters located on the 28th floor of the Overseas Trust Bank Building, 160 Gloucester Road, Wan Chai, Hong Kong, which has been occupied by former management personnel prior to the special shareholders' meeting. The company's representatives have initially discovered that items that should have been stored at the former office have been stolen, including but not limited to several accounting records, human resources records, board meeting minutes, contracts, company secretary records, computer hardware and records, email communications, company seals and corporate seals, bank tokens, and furniture. In response to this situation, the company's representatives have reported the matter to the Hong Kong police and have taken immediate action to recover the stolen items as much as possible. They have communicated with relevant stakeholders, including former employees and third-party service providers, to locate and retrieve the stolen items. The company's representatives have also obtained preliminary evidence indicating that former management personnel may be involved in serious misconduct. Therefore, the company may not be able to publish its annual performance announcement for the year ending December 31, 2024, by the deadline of March 31, 2025.
The company's board of directors (the Board) has established an independent board committee (the Independent Board Committee) composed of all independent non-executive directors to investigate the allegations made against Mr. Wang Jiansheng, Mr. Wang Peng, Ms. Guan Peishan, and Mr. Zhang He by former management personnel, as well as the serious misconduct that former management personnel may be involved in, and to provide conclusions and recommendations to the Board regarding the impact of the allegations and misconduct.
Given the nature and complexity of the allegations and misconduct, the Independent Board Committee will appoint legal advisors, forensic accountants, and any other relevant professional consultants, and will take steps to investigate the allegations and misconduct. After the investigation is completed, conclusions and recommendations will be provided at an appropriate time
