BunkeringGreater ChinaTankers
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.
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?