The Hong Kong Securities and Futures Commission obtained a six-year disqualification order against Tian Songlin, a former executive director of National United Resources Holdings Limited, after he admitted breaching his fiduciary duties by recklessly involving a subsidiary in fictitious fuel oil transactions. The order bars Tian from managing or holding specified roles in any listed or unlisted Hong Kong corporation, and requires him to pay the regulator’s legal costs. The 2015 transactions totaled USD 75.46 million and involved purported suppliers and customers that the regulator said were controlled by the company or closely connected persons, supported by bills of lading that were not genuine. Tian admitted failing to assess the transactions or convene a board meeting, acting as a rubber stamp and providing pre-signed transfer forms that facilitated payments of more than HKD 302 million. He also admitted recklessly causing false or misleading information about the transactions to appear in the company’s 2015 annual results and report. The regulator is considering its next steps against former directors Li Hui and Feng Yongming and alleged de facto or shadow controller Li Tao, who face related misconduct allegations and cannot currently be located. It has requested information from the public about their whereabouts.

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