Hong Kong’s Securities and Futures Commission (SFC) has secured a six-year disqualification order against Tian Songlin, a former executive director of National United Resources Holdings Limited (NUR), following his admission of breaching fiduciary duties by involving the company’s subsidiary in fictitious transactions. The Court of First Instance ruling, handed down on 13 August 2026, prohibits Tian from holding any directorial or management position in Hong Kong corporations, listed or unlisted, and requires him to pay the SFC’s legal costs.
- Transaction Amount: US$75.46 million
- Payment Forms Used: Over HK$302 million in pre-signed telegraphic transfer applications
- Disqualification Period: Six years from all directorial and management roles
- Subsidiary Involved: NUR Clean Energy Investment Limited
- SFC Proceedings Commenced: July 2022
The SFC’s enforcement action centred on two back-to-back fuel oil supply and sale transactions conducted in 2015 between NUR Clean and external parties. Investigators determined the transactions were fictitious, with both the purported supplier and customer controlled by NUR or affiliated parties, and supporting bills of lading fabricated. Funds circulated among related entities before returning to NUR or its associates, masking the scheme’s circular nature.
Tian admitted to failing reasonable steps to ensure transactions benefited NUR or NUR Clean, acting as a rubber stamp despite the substantial sums involved. He also provided pre-signed transfer forms without questioning their purpose and failed to convene board meetings before committing NUR Clean to the transactions. Additionally, Tian acknowledged causing false or misleading statements concerning the transactions to appear in NUR’s 2015 annual results.
The SFC is pursuing separate proceedings against three additional respondents: Li Hui and Feng Yongming, both former executive directors, and Li Tao, alleged to be NUR’s de facto controller. All three remain unlocatable, with the SFC seeking public assistance in locating them. Li Hui and Li Tao have not been successfully served. In a related outcome, the SFC obtained a three-year disqualification order against Lo Ka Wai, another former NUR executive director, in November 2025. NUR has been listed on Hong Kong’s Main Board since 1972, operating in coking coal trading, aluminium rod, fuel oil, online platforms, and media services.
