Corporate digest

Sino Grandness Food Industry Group

MAINBOARD-LISTED Chinese canned vegetable and fruits producer Sino Grandness Food Industry Group's lead independent director Ling Chung Yee has quit over a difference in opinion on the audit process.

Sino Grandness said it would appoint a local replacement for Mr Ling as soon as possible.

This was the fourth cessation of key executive or director at Sino Grandness over the past year.

Mr Ling was appointed to the position last December, and was also the chairman of audit and remuneration committees and a member of nominating committee.

The 43-year-old is also the lead independent director of a few listed companies including Debao Property Development, United Food Holdings and Ley Choon Group Holdings.

KS Energy

THE chief executive and directors of KS Energy have resigned, a day after the company was ordered by the High Court to be put under judicial management (JM).

Richard Wiluan quit as the CEO and chairman of the distressed oil services firm. Lawrence Basapa, Chew Choon Soo and Soh Gim Teik resigned from their positions of independent director.

The mainboard-listed company announced these cessations in a regulatory filing on Wednesday. The directors cited the reason that the company came under the command of the judicial managers following the JM order by the court on Oct 13.

Mr Wiluan was appointed to helm the company as CEO and chairman only in August, when his father Kris Wiluan stepped down after being charged with 112 counts of false trading and market-rigging transactions.

BM Mobility

ELECTRIC transport company BM Mobility will be delisted from the mainboard on Nov 12.

Mapletree North Asia Commercial Trust

MAPLETREE North Asia Commercial Trust (MNACT) has received interim payments totalling HK$263 million (S$46 million) in insurance claims for property damage and revenue loss due to business interruption to Festival Walk mall in Hong Kong.

The mall had suffered extensive damage in civil unrest last year, causing the MNACT's largest asset to be closed for months.

The assessment and agreement of the full quantum of revenue loss and property damage recoverable from insurance claims remains in progress.

The manager will continue to pursue the insurance claims relating to both property damage and revenue loss due to business interruption, and will provide further updates as and when available.