Sainty Marine top officials resign

Sainty Marine top officials resign

Shanghai: Sainty Marine has announced that the board has received resignation letters from general manager Wang Junmin and vice general manger Li Jiu.

The resignations come after an announcement made by the shipyard yesterday that Nanjing Intermediate People’s Court has ruled to freeze RMB300m ($48.42m) worth of assets of three major shareholders of the company, including Wang and Li in addition to Cao Chunhua, as requested by Bank of Jiangsu after a loan dispute.

Last week, Shenzhen Stock Exchange also accused five senior official of Sainty Marine, including Wang, Li and Cao Chunhua, of violations of information disclosure rules.

Wang and Li used to serve as the president and general manager respectively but stepped down in position in September 2014 under an arrangement with the yard’s controlling shareholder Jiangsu Guoxin Investment Group.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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