China Shanshui Cement Group said after trading hours Thursday that it has begun legal proceedings against former directors Zhang Caikui and Zhang Bin for alleged unlawful conduct and breach of fiduciary duties.

Both Zhangs have been removed as directors of Shandong Shanshui, a unit of the Hong Kong-listed cement company, and the company has terminated their roles in the company for "their misconduct and negligence," it said in an exchange statement. (Source: Dow Jones)