Singapore-listed shipbuilder JES international holding (JES) has announced the resignation of its executive director Jin Xin in its filing to the Singapore Exchange.
According to the filing, Jin Xin has tendered his resignation because of health issues. Prior to his resignation, he oversaw the overall management and operations of the company as well as formulating business strategy and policies for JES. Jin Xin was also involved in the restructuring efforts of the company’s affected subsidiaries in China and is the father of the incumbent chief executive officer, Jin Yu.
Currently, Jin Xin holds around 76% of the company’s issued share capital. Accordingly, he is deemed to have interests in all the shares held by JES Oversea Investment.
Meanwhile, the company’s initial application for proposed restructuring of its subsidiaries in China has been rejected by the Taizhou Court. The court deems that Jiangsu Eastern Heavy Industries (JEHI), a subsidiary of JES, had not successfully reached the required threshold for a restructuring scheme, and therefore rejected the application.
Furthermore, the rejection notice of the Taizhou Court dated 13 May 2015 also stated that if an applicant wishes to appeal the decision of the court, it should do so within 10 days of the date of the rejection notice to the next higher court in the Chinese judiciary hierarchy, the Jiangsu High Court.
JES has since submitted an appeal against the Jiangsu High Court on 22 May 2015, disagreeing with the decision of the Taizhou Court on the rejection of the court-led restructuring process of its subsidiaries in China.