Kris Wiluan steps down from KS Energy, son takes over as CEO and chairman

INDONESIAN tycoon Kris Wiluan, who is facing 112 charges for alleged market rigging and false trading, has resigned as chairman, chief executive and director of offshore and marine firm KS Energy.

His son, Richard James Wiluan, 42, has replaced him as chairman and CEO of KS Energy. The younger Mr Wiluan has also assumed the position of chairman of KS Drilling, the group's principal subsidiary.

This move comes after KS Energy on Aug 7 defended the suitability of Kris Wiluan to remain as chairman and CEO despite the charges he faced. In response to a query from the Singapore Exchange on why he can continue to head the company, KS Energy said then that Wiluan "has not breached company policies in relation to his dealings in securities".

Prior to his latest appointment, Mr Richard Wiluan was executive director of KS Energy and chief executive and director of KS Drilling.

He takes over as group CEO just as KS Energy faces a potential winding-up. The company and its eight units on Aug 6 received letters of demand from creditor OCBC to cough up US$230.7 million and S$10.3 million, which were outstanding as at July 31, 2020.

If each company fails to pay, secure or compound the outstanding amounts to the reasonable satisfaction of OCBC within six months, OCBC is entitled to present a winding-up order against the company.

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL

KS Energy said that with the letters of demand, it is unable to reasonably assess its financial position.

The watch-listed group on Friday evening posted a net loss of S$4.6 million for the second quarter ended June 30, 2020, narrowing from a loss of S$47.2 million a year ago. KS Energy booked other operating expenses of S$50.8 million in Q2 of 2019 mainly due to the assets under construction that were written off.

Current assets stood at S$20.8 million as at June 30, against current liabilities of S$385.1 million.

Shares in KS Energy last traded on Aug 7 at 1.3 Singapore cents. The company requested a trading suspension on Wednesday.