Hilong's CEO Steps Down Amid Findings of Negligence on Russian Audit Issues

MT Newswires Live10-16

Wang Tao has resigned as Hilong's (HKG:1623) chief executive officer and executive director effective Tuesday due to work adjustment, a Wednesday bourse filing said.

Chairman and executive director Zhang Jun has been named the oil and gas equipment firm's interim CEO until a suitable candidate is identified.

Wang's resignation came amid the release of the findings of an investigation into the audit issues about four of the company's Russian units.

The independent probe said Wang failed to follow up on inconsistencies disclosed in a 2022 draft annual report he received from a fellow executive, a separate filing said.

Hilong has also removed certain other senior management officials on the recommendation of the investigation committee.

The company is currently striving to identify suitable candidates for the positions of CEO, executive president, and general manager of the Russian region.

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