Financially troubled Brightoil Petroleum has announced that it has employed Sit Kwong Lam, former chairman of the company, as the strategic adviser for a term of three years.
Sit Kwong Lam was forced to quit the chairman role of Brightoil after a court in Hong Kong declared him bankrupt in April.
Sit has said he will fight the ruling with a view to getting back on to the board of Brightoil, which is facing massive financial woes and several vessels of the company have been seized by courts.
“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,” Brightoil said in a release.
The company’s VLCC Brightoil Glory was sold to Greek owner Delta Tankers in a court-led auction at the end of May.