KS Energy CEO, independent directors quit as company goes under judicial management

Tay Peck Gek

Published Wed, Oct 14, 2020 · 12:27 PM

KS ENERGY'S chief executive and directors 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 directors.

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

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