Titan Petrochemical shareholders seek removal of co-chairman

Titan Petrochemical shareholders seek removal of co-chairman

Titan Petrochemical has announced that the board has received a written requisition, from a substantial shareholder of the company, demanding the board to convene a special general meeting to consider removing Chen Bingyan from any position in the company.

Chen, a director at Guangdong Zhenrong Energy (GZE), the controlling shareholder of Titan Petrochemical, serves as co-chairman and an executive director of Titan.

Titan has voted Li Yinglin, the other co-chairman, as the sole chairman of the company.

GZE is currently in a compulsory liquidation process according to a ruling by the High Court of Hong Kong.

Last month, the bankruptcy manager of GZE sent a notice to Titan Quanzhou Shipyard, the fully-owned subsidiary of Titan Petrochemicals, seeking RMB1.465bn ($217m) debt repayment.

 

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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