Singapore company senior exec circles slimming down

Four senior executives are leaving Singapore-based company First Ship Lease Trust Management on the same day. According to the company, the reason is disagreements between board and management, while a loan agreement with the company's banks is dragging out.

Photo: Hapag-Lloyd

Singapore-based First Ship Lease Trust Management, which leases container, tank, and dry bulk ships, had to issue no less than five investor statements yesterday, Thursday, as four of the company's senior executives have opted to leave the company, while the fifth statement serves as an update regarding the status of the company's loan agreement.

"The four senior executives stepped down on June 30th due to disagreements. For the two CEOs Philip Clausius and Cheong Chee Tam, their resignations, according to the company, stem from disagreements within senior management. For independent director Phang Thim Phatt and chairman and independent director Wong Meng Meng, the resignations were caused by "disagreements related to behavior at a board meeting."

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