Asia/Pacific News
Second Executive Director Quits NewOcean Energy Over China Relocation
A second executive director has left bunker supplier NewOcean Energy in the space of a week over the firm's relocation of its headquarters from Hong Kong to mainland China.
Cen Ziniu has stepped down as executive director as of December 31, NewOcean said in an exchange filing on December 31.
The move is "due to his personal commitment and job relocation caused by the reallocation of the headquarter to mainland China which led to considerable inconvenience," the company said in the statement.
"Mr Cen has confirmed that he has no disagreement with the company and there is no matter relating to his resignation that needs to be brought to the attention of the shareholders."
The wording is almost identical to that used in the statement in announcing the departure of Shum Chum as executive director on December 24. At that time it had been announced that Cen would fill that vacancy.
Cheung Man Kin will now replace Cen, the company said.
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 the end of December for two 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.
