Brightoil Executive Director resigns due to concern on ‘suitability’

Hong Kong-listed Brightoil Petroleum (Holdings) Limited on Monday (14 October) announced the resignation of Xie Wenyan (Mr Xie) as Executive Director with effect from 11 October 2019.

The reason for resignation was, “due to a concern raised as to Mr Xie's suitability to act as an Executive Director,” according to Brightoil.

According to the company, Mr Xie's resignation as an Executive Director does not affect his employment by the Group and he will continue as the Chief Executive Officer of its upstream business.

“Mr. Xie confirmed that he has no disagreement with the Board, and there are no other matters in relation to his resignation that need to be brought to the attention of the shareholders of the Company and the Stock Exchange,” stated Brightoil.

“The Company is in the process of identifying an additional Executive Director of the Company.”

Mr Xie is a former General Manager of PetroChina Company Limited from September 1999 to October 2016. He was appointed as an executive director and member of Brightoil’s Executive Committee in May 2019.

Brightoil Petroleum (Holdings) Limited and its Singapore subsidiary Brightoil Singapore (S’pore) Pte. Ltd. are currently undergoing litigation at the respective courts of Hong Kong and Singapore.

Related: Brightoil Petroleum announces new Chairman and acting CEO

Photo credit: Brightoil Petroleum (Holdings) Limited
Published: 15 October, 2019