Asia/Pacific News
Bunker Supplier NewOcean Loses Third Executive Over HQ Move
A third executive at bunker supplier NewOcean Energy has resigned over the company's plan to move its headquarters from Hong Kong to mainland China.
Cheung Man Kim has stepped down as company secretary and authorised representative of the company as of January 5, the firm said in an exchange filing this week.
The move "was due to his personal commitment and the job relocation caused by the reallocation of the headquarters to mainland China," the company said in the statement.
"Mr Cheung has confirmed that he has no disagreement with the board of directors of the company and there is no other matter relating to his resignation that need to be brought to the attention of the shareholders of the company."
The wording is almost identical to that used in the statement announcing the departure of Cen Ziniu as executive director on December 31, and in the filing for Shum Chum's departure on December 24. Cen had been Shum's replacement, and in turn Cheung was supposed to be Cen's replacement as authorised representative.
Pang Yick Him has now been appointed as company secretary and authorised representative to replace Cheung as of January 6. The firm has not said whether it has checked his willingness to move to mainland China before announcing the promotion.
The firm announced in October that it was moving out of its main office in Hong Kong, keeping just a smaller registered office there to comply with local law and moving its headquarters to its regional office in mainland China. It is unclear why it has taken until December and January for three of the firm's managers to leave the company separately over this decision.
NewOcean is currently going through a restructuring process aimed at keeping the company stable and operational while addressing its debts.
