The Securities and Futures Commission ("SFC") obtained a disqualification order against Mr. Lo Ka Wai, a former executive director of National United Resources Holdings Limited ("NUR"). Lo was found guilty of breaching his duties and will be unable to serve as a director for three years. The SFC also found that NUR's subsidiary engaged in fictitious transactions, and Lo approved payments for these transactions, amounting to $302 million. Other proceedings against NUR's directors are ongoing.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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On January 14, 2026, the Securities and Futures Commission ("SFC") obtained a disqualification order against Mr. Lo Ka Wai, a former executive director of National United Resources Holdings Limited ("NUR"), in the Court of First Instance. The order prohibits Lo from serving as a director, liquidator, receiver, or manager of any listed or unlisted corporation in Hong Kong for a period of three years. He is also required to pay the SFC’s costs in the proceedings.
In 2015, NUR's subsidiary engaged in two fictitious back-to-back fuel oil supply and sale transactions. The customer and supplier were controlled by NUR or closely connected individuals, and the associated bills of lading were not genuine. These transactions, which totaled $302 million, were approved by Lo, leading to the disqualification order due to his admission of breaching his duties and negligence.
The SFC found that, as a reasonably prudent director, Lo would have identified the lack of commercial sense in the transactions, including an unusually thin profit margin and a significant mismatch of credit periods. Additionally, he approved the publication of NUR’s 2015 annual results, which contained false or misleading statements regarding these transactions.
The SFC's proceedings against other former directors and officers of NUR continue. NUR, listed on the Main Board of The Stock Exchange of Hong Kong Limited (stock code: 254) since November 1972, operates in three primary business segments: trading in coking coal, aluminium rod, and fuel oil; online platform business; and media and advertising. Lo held the position of executive director from October 2013 to May 2017.
The SFC commenced proceedings under section 214 of the Securities and Futures Ordinance in July 2022. The disqualification order excludes Lo's involvement with Star Point Limited, a private, family-owned property-holding company not related to the misconduct. The orders against Lo were approved by the Court following the Carecraft procedure, and the judgment is accessible on the Judiciary’s website (Case No.: HCMP 896/2022).
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