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Resources Prima CFO quits less than 1 year into job

CATALIST-LISTED Indonesian coal miner Resources Prima Group on Friday said its chief financial officer (CFO) Thng Tien Lung will be leaving to pursue other career opportunities.

Mr Thng, 48, tendered his resignation on Oct 8, although the board gave him some time to reconsider his decision. At the end of October, he reaffirmed his decision to quit.

He is serving a two-month notice period and will leave the company on Dec 7.

Mr Thng was named CFO less than nine months ago, on Feb 11. He also sits on the boards of three of Resources Prima’s subsidiaries – Energy Prima, RPG Trading and RPG Logistics – and will cease to be a director for those firms when he leaves the group.

His predecessor John Watson, 67, had resigned in November 2018 for health reasons after about four years as CFO.

The group is searching for a replacement for the CFO role and will make an announcement when a suitable candidate is appointed.

In October, Resources Prima said the Singapore Exchange has approved a further six-month extension till March 28, 2020, to submit its resumption of trading proposal (RTP) and to fill the vacancy in the audit and risk management committee. The company had requested an extension in March.

Since the trading in its shares were suspended on June 29, 2017, Resources Prima has taken concrete steps to restructure and turn around the company, it said in an Oct 18 bourse filing.

Trading had been suspended as the board was of the view that the company could not continue as a going concern due to its main operating subsidiary, PT Rinjani Kartane-gar, having forecast negative results for the three months ended June 30, 2017. Resources Prima lost control over Rinjani on Aug 24, 2017, and the subsidiary was declared bankrupt on Oct 9, 2017.

In June, independent auditor Baker Tilly TFW issued a qualified opinion on Resources Prima’s FY2018 audited financial statements, and indicated material uncertainties that may cast doubt on its ability to continue as a going concern.

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