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Hong Kong: Dr Sit Kwong Lam returns to Brightoil as Strategic Adviser

03 Jun 2019

Dr Sit Kwong Lam (Dr Sit), the former Chairman and Executive Director of Hong Kong-listed Brightoil Petroleum (Holdings) Limited, has been appointed as Strategic Adviser of the company effective Friday (31 May).

“Pursuant to the Employment Letter, Dr Sit has been employed as the Strategic Adviser for a term of three years commencing from 31 May 2019,” said Brightoil in a statement.

“Dr Sit has over 26 years’ experience in the oil and gas industry and acted as the Company’s former Chairman and Executive Director from June 2008 to April 2019.

“In view of Dr Sit’s extensive experience and knowledge, as the Strategic Adviser, Dr Sit will be able to continue to contribute to the company by providing advice to the Company on its general business, market development and operations.

“Dr Sit will not be involved in the management of the company and the group whether directly or indirectly, and he will not be vested with any management powers concerning the business, operations and affairs of the company and the group.”

Dr Sit left Brightoil in April after being declared bankrupt by the High Court of Hong Kong; he undertook personal guarantees worth a total of approximately US $1.4 billion.

Brightoil recently made several changes to its board.

A chronologically organised list of articles concerning Brightoil’s potential debt reorganization is below:

Related: Brightoil Petroleum announces new Chairman and acting CEO
RelatedBrightoil former Chairman undertook $1.4 billion in personal guarantees
RelatedOfficial: Dr Sit Kwong Lam leaves Brightoil Petroleum Holdings
RelatedHong Kong High Court issues bankruptcy order against Brightoil Chairman
RelatedBrightoil aggregate debt has reached approximately $1.9 billion, it updates
RelatedBrightoil creditor claims amount to US $250 million, potential debt reorganisation
RelatedBrightoil to defend against winding up petition at Hong Kong court
RelatedSingapore: Brightoil to apply for six-month moratorium order at High Court
RelatedBrightoil oilfield project secures USD $700 million CNOOC funding
RelatedBrightoil: Plans to sell Zhoushan oil storage terminal, 15 vessels
RelatedShell to offload crude oil cargo from arrested “Brightoil Lion” tanker
RelatedBrightoil VLCC and Aframax tanker arrested at Singapore port
RelatedSingapore: Players to get fuel oil cargoes back from Brightoil bunker tankers
RelatedSingapore: Petrolimex v Brightoil case progresses to Pre Trial Conference
RelatedSingapore: Brightoil bunker creditor list growing with new firms
RelatedSingapore: Petrolimex owed over USD $30 million by Brightoil
RelatedBrightoil signals return to the shipping sector, starts reorganisation of debt
RelatedSingapore: Brightoil bunker tanker fleet placed under Sheriff’s arrest
RelatedSingapore: Toyota Tsusho Corporation seeking $21 million from Brightoil
RelatedQatar National Bank seeks USD $21.59 million debt from Brightoil

Photo credit: Brightoil Petroleum (Holdings) Limited
Published: 3 June, 2019

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