Sainty Marine Chairman Resigns

 

Wang, 48, took the helm as the president by the controlling shareholder of Sainty Marine, Jiangsu Guoxin Investment Group, in September 2014

 

According to a statement by Marine he  resigned for personal reasons. He previously worked as the administrative manager of state-owned Jiangsu Jiangsu Guoxin.

 

The company’s board of directors subsequently elected Zhang Shunfu as the successor to Wang. The 53-year-old Zhang previously held senior positions at Jiangsu-based financial institutions.  

 

Sainty Marine is currently in the middle of a financial crisis, and it has been thrown out from the restructuring of Nantong Mingde Heavy Industry due to its own poor financial situation.

 

The company is expecting to record a net loss of between RMB350-370m ($56.4-59.6m) for the first half of 2015, as against a profit of RMB41.92m in the previous corresponding period.

 

Wang's resignation comes after the company was excluded from bidding to take over insolvent Nantong Mingde Heavy Industry (NMHI).