Brightoil Petroleum (Holdings) Ltd (933 HK)

Year: 2017

Brightoil Petroleum was a Hong Kong headquartered upstream oil and gas resources exploration company which listed on the Hong Kong Exchange in November 1995. In September 2017, the company announced a delay in the publication of its results to end-June 2017 as its auditor had requested additional information. Upon missing the results' deadline in October 2017, its shares were suspended. In April 2019, the company's chairman was declared bankrupt in respect of a debt of over US$30m owed by a subsidiary of the company which he had guaranteed. In January 2020, a forensic investigation raised concerns about the circular flow of various transactions suggesting that profits had been artificially inflated. The company was delisted in October 2020.  

Last updated August 2022.

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