Titan CEO steps down
Titan Petrochemicals Group Ltd. (Titan) [HKG:1192] announced in a press release today its Chief Executive Mr. Cai Jian Jun left the Company on August 23, 2012 to "pursue his other personal interests.", Ship & Bunker reports.
Mr. Zhao Xu Guang, who was appointed the company's chairman on July 3, 2012 following the departure of its previous Chairman and founder Mr. Tsoi Tin Chun, was named acting Chief Executive effective August 23, 2012.
Titan said it would endeavor to find a suitable person to fill the vacancy as soon as was practical.
According to the statement the new CEO will be responsible for the Group's strategic planning for new projects and corporate development, as well as overseeing the Group's overall operations and performance with the support of the senior management team.
Titan said Mr. Zhao is entitled to receive an annual director's fee of HK$3,800,000 (USD $490,000) plus a discretionary bonus.
Titan stressed that the departing Mr. Cai has no disagreements with the Board and is not aware of any matters that need to be brought to the attention of the shareholders of the Company.
Titan is currently involved in legal action brought against it by Grad China Logistics (GCL) over the sale of Titan's terminal at Quanzhou with GCL looking to terminate the sale and have monies returned totaling RMB740 million, approximately HK$912.57 million (US $118 million) plus interest.
Separately, U.S. private equity firm Warburg Pincus, LLC. (Warburg Pincus) filed a petition in the Supreme Court of Bermuda on July 5, 2012 to wind up the business of Titan saying it was "insolvent and should be liquidated," with the judge ultimately ruling Titan's StorageCo entity is to be liquidated.
Warburg Pincus is also suing Titan in Hong Kong for breach of contract and misrepresentations regarding the financial position of its some of its subsidiaries, including its entity StorageCo.
Since the actions were brought, Titan said Chinese oil trader Guangdong Zhenrong Energy Co. Ltd (GDZR) has agreed to buy 89.95% of the company for HK$175 million (USD $22.6).
