On September 19, 2025, the Securities and Futures Commission ("SFC") is seeking disqualification orders against four former directors of Century Energy International Holdings Limited for failing to properly supervise the company's operations and for publishing inaccurate financial information.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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On September 19, 2025, the Securities and Futures Commission ("SFC") is seeking disqualification orders from the Court of First Instance against four former directors of Century Energy International Holdings Limited, previously known as China Oil Gangran Energy Group Holdings Limited (China Oil Gangran Energy), under Section 214 of the Securities and Futures Ordinance ("SFO").
The named individuals are Mr. Gregory Ho Chun Kit, former executive director; Mr. Zheng Jian Peng, former executive director, chief financial officer, and company secretary; Ms. Eugenia Yang, and Mr. Vincent Lau Sung Tat, both former independent non-executive directors.
The SFC’s action follows an investigation into China Oil Gangran Energy’s loss of control over four major operating subsidiaries in the Mainland, resulting in their deconsolidation as of 1 January 2019 and a financial loss of $184 million for the year ended 31 March 2019.
The SFC alleges that the former directors failed to adequately supervise the four major operating subsidiaries and acted contrary to the company’s interests, leading to the deconsolidation and significant financial losses.
Additionally, Ho, Yang, and Lau were responsible for publishing an inaccurate or misleading circular about an operating subsidiary in 2014.
The four subsidiaries constituted the largest segment of the company, accounting for over 80% of the total revenue for the year ended 31 March 2018 and more than 40% of the total assets as of 31 March 2018.
Under Section 214 of the SFO, the court may disqualify individuals from being directors or managing any corporation for up to 15 years if found responsible for conduct involving defalcation, fraud, or other misconduct.
China Oil Gangran Energy was listed on the Growth Enterprise Market of The Stock Exchange of Hong Kong Limited on 18 May 2011. The company and its subsidiaries were involved in trading refined oil, methyl tert-butyl ether, and the manufacture and sale of power and data cords.
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