Change - Announcement of Cessation::RESIGNATION OF CHIEF EXECUTIVE OFFICER AND EXECUTIVE DIRECTOR

Issuer & Securities

Issuer/ Manager
CHINA SKY CHEMICAL FIBRE CO., LTD.
Securities
CHINA SKY CHEM FIBRE CO., LTD. - KYG211051043 - E90
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
17-Jul-2018 15:55:37
Status
New
Announcement Sub Title
RESIGNATION OF CHIEF EXECUTIVE OFFICER AND EXECUTIVE DIRECTOR
Announcement Reference
SG180717OTHRPGD8
Submitted By (Co./ Ind. Name)
HE ZHIDONG
Designation
CHAIRMAN
Effective Date and Time of the event
16/07/2018 17:00:00
Description (Please provide a detailed description of the event in the box below)
Resignation of Chief Executive Officer and Executive Director

Additional Details

Name Of Person
Ling Yew Kong
Age
52
Is effective date of cessation known?
Yes
If yes, please provide the date
16/07/2018
Detailed Reason (s) for cessation
Resignation as Chief Executive Officer ("CEO") and Executive Director due to constraint in discharging duty effectively as the CEO and Executive Director of the Company as Mr Ling Yew Kong has limited access to the financial information and operational matters of the subsidiary companies in China.

Following his resignation as CEO and Executive Director of the Company, Mr Ling Yew Kong would be re-designated as Non-Executive Non-Independent Director.
Are there any unresolved differences in opinion on material matters between the person and the board of directors, including matters which would have a material impact on the group or its financial reporting?
Yes
If Yes, Please provide full details
Due to limited access to the company subsidiaries' financial and operation information.
Is there any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer?
Yes
If Yes, Please provide full details
Yes. Mr Ling Yew Kong only came to know sometime on 8 August 2016 about some legal proceedings that were filed against the Company's subsidiaries in China. He was subsequently informed of unpaid salaries, social security and insurance contributions to employees and other issues. Mr Ling has been asking the management in China for their co-operation in investigating the legal cases and also to provide more information on the state of affairs of the Group but was unable to obtain such information. The legal representatives (except for Mr He Zhidong who was later appointed as legal representative of Qingdao Zhongda Chemical Fibre Company Limited on 12 April 2017) are not forthcoming with the information requested. For more detailed information, please refer to the Company's announcements released from 8 August 2016 till to-date.
Any other relevant information to be provided to shareholders of the listed issuer?
Yes
If Yes, Please provide full details
Yes. Please refer to the Company's announcements released from 8 August 2016 till to-date.
Date of Appointment to current position
13/09/2012
Does the AC have a minimum of 3 members (taking into account this cessation)?
Yes
Number of Independent Directors currently resident in Singapore (taking into account this cessation)
2
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
0
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Chief Executive Officer and Executive Director
Role and responsibilities
Corporate development areas of listed issuer
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Nil
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
25,100,000
Past (for the last 5 years)
(1) TX Capital Pte Ltd
(2) Malaysian Resources Pte Ltd
(3) Moya Holdings Asia Ltd
(4) Moya Asia Pte Ltd
(5) Moya Indonesia Holdings Pte Ltd
(6) Pacific Star (Greater China) Pte Ltd
(7) Pacific Star (China Holdings) Pte Ltd
(8) Golden Rock Investments Pte Ltd
(9) Revenue Holdings Pte Ltd
(10) Graess Energy Pte Ltd
(11) Pacific Venus Overseas Inc
(12) Anwell Technologies Limited
(13) SBI Offshore Limited
(14) Way Big Holdings Limited
(15) Solar Energy Investments Pte Ltd
(16) Firstlink Financial Assets Pte Ltd
Present
(1) Alphasky Group Limited
(2) Amanviva Hospitality Sdn Bhd
(3) CKSB Agrifeed Sdn Bhd
(4) Cove Pacific Development Limited
(5) Deluxe Dragon International Limited
(6) Exquisite Concierge Pte Ltd
(7) Firstlink Capital Pte Ltd
(8) Frstlink Capital Management Pte Ltd
(9) Firstlink Energy Pte Ltd
(10) Firstlink Investment Advisory Pte Ltd
(11) Firstlink Investments Corporation Limited
(12) Fonda Global Engineering (M) Sdn Bhd
(13) Glopeak Land Pte Ltd
(14) Glopeak Properties And Hotels Pte Ltd
(15) GR (HK) Pte Ltd
(16) Jiangyin SBI Offshore Equipment Co., Ltd
(17) Keluarga International Pte Ltd
(18) Ling Chai Hiong Sdn Bhd
(19) ML Chong Sdn Bhd
(20) One Way Investment Pte Ltd
(21) Singapore International Tourism Investments Pte Ltd
(22) Singatronics Investment Pte Ltd
(23) Terra Pontus Pte Ltd
(24) Winburg Company Limited