Brightoil chairman ousted

Brightoil chairman ousted

In the latest twist to the bumpy corporate history of Brightoil Petroleum, its chairman, Dr Sit Kwong Lam, has been forced to relinquish his position after a court in Hong Kong declared him bankrupt. Sit has said he will fight the ruling with a view to getting back on to the board of beleaguered Brightoil, a company that has faced massive financial woes for much of the past decade.

Sit guaranteed a $30m debt for a Singapore subsidiary of Brightoil, which caused the bankruptcy ruling.

Brightoil’s board stated they are looking to find a replacement for Sit and the company’s debt restructuring will continue.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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1 Comment

  1. Avatar
    LUIS TOVAR
    April 18, 2019 at 2:10 am Reply

    VERY REMINISCENT OF THE TAIWAN TYCOON NOW IN HER MAJESTY’S HOOSEGOW…SOMETHING ABOUT THE FAR EAST TYCOONS IN OIL & GAS…OR IS IT OILING GRAFT?

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