Will continue to seek legal advice in relation to legal developments at Singapore and Hong Kong, it says
Three Directors came to a view that they were unable to discharge their function and duties, says company.
Generated sum of approximately US $201.6 million from sale of four vessels to repay the liabilities of the group.
Dr Sit has been employed as the Strategic Adviser for a term of three years commencing from 31 May 2019.
The Hong Kong-listed company made several changes to its board during May, according to its latest update.
Dr Sit Kwong Lam undertook borrowings of $1,362 million with banks and $76.15 million from three trading partners.
Ongoing debt restructuring process will still continue following the vacation of Dr Sit, confirms Brightoil.
Dr Sit Kwong Lam undertook a personal guarantee of over US $30 million in favour of Petrolimex Singapore; however, Brightoil Singapore was unable to repay the...
Due to reduced trades, bunker transactions and depressed freight rates; though upstream records profit.
Firm now applying for moratorium under section 211C of the Singapore Companies Act for extended protection.
