United Energy Group Clarifies Director’s Involvement in Orient Group Penalty Case

The latest announcement is out from United Energy Group ( (HK:0467) ).

United Energy Group Limited, a company incorporated in the Cayman Islands and continued in Bermuda, has announced updates regarding its director, Zhang Hong Wei. The announcement addresses an Advance Notice of Administrative Penalty issued to Orient Group by the China Securities Regulatory Commission, which found false financial records from 2020 to 2023. Zhang, who is the controlling shareholder of Orient Group and Chairman of United Energy Group, faces potential penalties including a lifetime securities market access prohibition. The company clarified that the case is unrelated to its operations and that it operates independently from Orient Group.

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YTD Price Performance: 17.50%

Technical Sentiment Consensus Rating: Buy

Current Market Cap: $1.2B

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