Wang Junmin, general manager, and Li Jiu, vice general manager, have handed in their resignation letters on Thursday.
Wang and Li, together with the third major shareholder Cao Chunhua, saw their property assets worth RMB300m frozen by the Bank of Jiangsu with approval from Nanjing Intermediate People’s Court, after Sainty Marine failed to deliver a promised private placement on time.
Shengzhen-listed Sainty Marine took a loan of RMB300m from Bank of Jiangsu in September last year, and signed an undertaking to repay the loan if the company failed to issue new shares via a non-public offering within six months.
More than six months have passed and the bank consequently went ahead to apply the court order to freeze the assets of the company’s major shareholders.
Meanwhile, Sainty Marine had reported a loss of RMB327.59m in 2014 and it warned of a continued loss in 2015. The company is currently in the process of taking over compatriot Nantong Mingde Heavy Industry via a debt-for-equity rescue deal.
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