Oceanus non-executive, non-independent director disqualified

OCEANUS Group's non-executive and non-independent director Jason Aleksander Kardachi has been disqualified from acting as a director for five years from Jan 8, 2018, but is applying for leave to do so nonetheless, the company said on Friday.

On Dec 26, Oceanus received a letter from Mr Kardachi informing them that pursuant to Section 155A(1) of the Companies Act, he was disqualified from acting as a director for the stated period, as he had been a director of at least three companies that were struck off the register within five years.

In the letter, Mr Kardachi explained that his directorships in those companies "were incidental to his job as an insolvency practitioner and do not suggest his lack of ability, integrity or competence to act as a director of a company", that he does not fall within the profile of errant directors that the law targets, and that "his disqualification will not serve the purpose of protecting the public".

On Oct 18, Mr Kardachi had applied to the Court for leave to act as a director or to take part in or be concerned in the management of companies during the period of disqualification. The hearing for this leave application is fixed on Jan 25,  2019.

Oceanus, which is on the Singapore Exchange watch list, said that it will make further announcements to update its shareholders on any material developments regarding this matter, as and when appropriate.