BlackGold Natural Resources chairman, chief executive resigns

BLACKGOLD Natural Resources chairman and chief executive Philip Cecil Rickard is resigning in light of changes to the group's business strategy and direction, it said on Wednesday.

Mr Rickard, 50, said he has chosen to spend time with his family, since BlackGold's planned investment in a coal-fired power plant project in Riau, Indonesia failed to pan out. The company had announced it was pulling its plans for the project 11 months ago.

The firm was also entangled in an Indonesian power plant graft scandal last year.

Mr Rickard has helmed the company since March 2018, and will not seek re-election at the company's upcoming annual general meeting (AGM) to be held on Oct 31.

Andreas Rinaldi, 69, has been appointed CEO-designate with effect from Wednesday. He will replace Mr Rickard as CEO after the upcoming AGM.

Philip Soh Sai Kiang will be re-designated from independent director to independent non-executive chairman of the board following the conclusion of the company's AGM.