The Securities and Futures Commission (SFC) has obtained a six-year disqualification order against Tian Songlin, a former executive director of National United Resources Holdings Limited (NUR), after he admitted to breaching fiduciary duties by involving the company’s subsidiary in fictitious transactions. The Court of First Instance ruling, handed down on 13 August 2026, bars Tian from serving as a director or manager of any listed or unlisted corporation in Hong Kong for the next six years and orders him to pay the SFC’s legal costs.
- Transaction Value: US$75.46 million in fictitious fuel oil supply and sale transactions
- Payments Facilitated: Over HK$302 million in unauthorised telegraphic transfers
- Disqualification Period: Six years from directorship and management roles
- Year of Transactions: 2015
- Enforcement Action Started: July 2022
The case centres on two back-to-back fuel oil transactions between NUR Clean Energy Investment Limited, a NUR subsidiary, and external parties that the SFC determined were fictitious. NUR or closely connected parties controlled the purported supplier and customer, and supporting bills of lading were forged. Funds circulated through various related entities before returning to NUR or its associates.
Tian admitted to failing to take reasonable steps to ensure transactions served NUR’s interests, acting as a rubber stamp on critical decisions, and providing pre-signed payment forms without questioning their purpose. He also failed to convene board meetings despite the substantial sums involved and approved false statements in NUR’s 2015 annual results.
Three additional respondents, Li Hui, Feng Yongming, and Li Tao, all former NUR executives, remain at large. Li Tao, allegedly the de facto controller of NUR, is accused of orchestrating the entire scheme. Li Hui and Li Tao have not been served with proceedings, while all three cannot currently be located. The SFC is seeking public assistance in identifying their whereabouts and has listed them on its “Have You Seen These People?” webpage. Anyone with information should contact the SFC at (852) 2231 1000.
NUR has been listed on The Stock Exchange of Hong Kong Limited’s Main Board since 1972, with operations spanning coking coal trading, aluminium rod, fuel oil trading, online platforms, and media and advertising.
