Swiber Falls into Liquidation, Directors Resign
Singapore-listed EPCI contractor, Swiber Holdings, has filed an application to wind up the company, after receiving close to $26 million in ‘letters of demand’ from its creditors earlier this month.
The company ended 2015 in $18.7 million loss and also failed to bounce back to profit during the first quarter of this year.
The winding-up application has been fixed for hearing on August 19, 2016, the company informed.
In addition, Swiber also filed an application to place the company in provisional liquidation.
The High Court of Singapore has appointed Cameron Lindsay Duncan and Muk Siew Peng, care of KordaMentha, as the joint and several provisional liquidators of Swiber.
Furthermore, the company announced resignation of several team members, including executive director and vice chairman Francis Wong, executive director and group chief financial officer Leonard Tay and executive director Nitish Gupta.
Reportedly, the reasons behind the resignations is to seek new opportunities and pursue personal interest.
Francis Wong has been with the company since 2005, while Leonard Tay, in charge of overall financial aspects of Swiber, leaves the company after three years of service. Nitish Gupta has been with Swiber since 2009 overseeing the establishment, organization and strategic growth of the company.
Subsea World News Staff