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 is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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