KS Energy’s executive director and CEO Richard James Wiluan, along with the company’s independent directors Chew Choon Soo, Lawrence Stephen Basapa and Soh Gim Teik have resigned on Oct 13.
The news comes after the appointment of judicial managers, Andrew Grimmett and Lim Loo Khoon of Deloitte & Touche, on the same day.
On Oct 13, KS Energy announced that the company and KS Drilling will be placed under judicial management. The High Court previously granted OCBC Bank’s application to place KS Energy and KS Drilling under judicial management on Aug 31.
According to an SGX filing, the costs of the application will be paid out of the assets of KS Energy and KS Drilling.
Further to the appointment, Grimmett and Lim will “continue to work with and engage creditors and stakeholders of the company and KS Drilling, and in particular, will prioritise seeking investors and interested parties for the group and its operations”.
See: High Court grants application to place KS Energy under interim judicial management, OCBC files court applications for KS Energy to be put under judicial management, and KS Energy CEO Kris Wiluan charged for alleged false trading and market rigging
