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Foreland Fabrictech executive chairman resigns; father-in-law fills the position
THE executive chairman of Foreland Fabrictech Holdings has ceded the position to his father-in-law, several months after all of the company's remaining independent directors resigned.
Yang Meng Yang will stay on as an executive director, according to a board announcement on Monday.
Huang Min became executive director and executive chairman on the same day. He is the father of Mr Yang's wife, Huang Wen, who is a substantial shareholder with a 29.5 per cent stake in the company.
Mr Huang and Mr Yang are the only members of the Foreland Fabrictech board. Three independent directors left in July 2018, declaring in filings that they were quitting "to pursue other interests", while another independent director resigned for the same reason in November 2017.
The two-man board said on Monday that, "to embrace good corporate governance practices, the company will continue to identity (sic) appropriate candidate to be the director of the company to fill up the relevant vacancy".
"The company will update shareholders any material development in due course," it added.
Foreland Fabrictech has been embroiled in Chinese court proceedings over the repayment of a loan that the board previously said it knew nothing about.
The company has also accused a former executive chairman of going rogue and wresting control of a wholly owned subsidiary in China.
Trading in Foreland Fabrictech shares has been suspended since December 2016.