Embattled Singapore-listed Chinese shipbuilder JES International has entered into another legal row over the resignation of its former chief executive officer Jin Xin.
“The company has since received a letter from law firm Colin Ng & Partners who is writing on behalf of Mr Jin Xin, dated 2 July 2015, that Mr Jin Xin is disputing his resignation and alleging that the announcement is erroneous,” said JES in its filing to the Singapore Exchange.
The allegation has been refuted by JES as all documents relating to Jin’s resignation was duly executed by the former CEO himself, then scanned, submitted and released to SGX, on 25 May.
The original resignation documents of Jin were however, not found among in the company’s possession. The originals were given to the company’s former administrative officer, Ju Li Li, who has since absconded with the documents, among other possessions of the company and its group of companies, following the resignation of Jin.
JES, which has applied to the Chinese courts for debt restructuring, then responded with legal proceedings against Ju for the illegal possession of administration records and seals, according to its filing in SGX dated on 2 July. In addition, the company had convened an independent investigation panel to verify the allegations made by Jin and a preliminary investigation has since been carried out by the panel.
“Mr Jin Xin has however thus far refused to cooperate with the panel and/or give his account of events and submit any relevant evidence to the same when the panel asked him to do so. In these present circumstances, until and unless the resignation documents are proved to be false and Mr Jin Xin’s signatures therein forged, the board is of the view that the announcement is not erroneous,” commented JES in a corporate statement to SGX.
Therefore, JES reiterated that Jin had ceased to be its director and CEO, as per the 25 May statement. In the meantime, the company has engaged legal counsel to respond to the allegations and will not hesitate to take all necessary action against Jin ,including but not limited to legal proceedings.