Wison Says May Appoint Acting Chairman as Hua Assists With Probe
Wison Engineering Services Co. said it may appoint an acting chairman as its chief and controlling shareholder Hua Bangsong continues to assist Chinese authorities in a probe.
The company has also appointed Zhou Hongliang and Cui Ying as executive directors, it said in a filing to the Hong Kong Stock Exchange today. Wison is assisting Chinese authorities in investigations, it said, without providing more information.
The petroleum engineering company said Sept. 3 its founder Hua was helping authorities in unspecified investigations, a day after its shares plunged 16 percent and were suspended from trading. China is investigating PetroChina Co. (857)’s former Chairman Jiang Jiemin and four senior executives for graft. The nation’s biggest oil producer was Wison’s biggest customer before 2012, bringing the relationship under scrutiny.
Wison’s revenue from contracts with PetroChina was around 111 million yuan ($18.1 million), or 5.6 percent of its revenue in the first half of 2013, according to today’s statement.
Outstanding contracts with PetroChina amount to around 204 million yuan, it said.
Wison didn’t say when its shares will resume trading, adding it will make further announcements when appropriate.
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