China Sky appoints new CEO, directors

SINGAPORE -- Singapore-listed chemical fiber maker China Sky announced key appointments on Friday, months after its chief executive officers and directors resigned amid a dramatic standoff against the Singapore Exchange.

Ling Yew Kong, 46, has been appointed the company's new chief executive officer and executive director, with effect from Sept 13, the company said in a filing with the Singapore Exchange.

China Sky also appointed Lee Chong Ping as its new financial controller, while two non-executive independent directors were also appointed, including Er Kwong Wah, who had been an independent director had the firm earlier.

The company has not had a chief executive officer since its former CEO and executive director Huang Zhong Xuan resigned on Feb 7, citing personal health reasons. Its group financial controller and some of the independent directors also resigned.

China Sky has also appointed Tan Chee How as joint company secretary.

Analysts said it could be part of the company's effort to reconstitute its board of directors and settle its outstanding listing issue with the Singapore Exchange.

The China Sky saga began in November 2011 when SGX directed the company to appoint a special auditor to investigate transactions between the company and its audit committee chairman, a failed land acquisition in China and other issues.

However, China Sky insisted that there was no justification for the directive. The standoff got worse publicly later, with SGX taking the case to the court and China Sky holding its ground. It eventually led to the resignation of the company's directors and senior managers in Feburary.

The Securities Investors Association of Singapore has played an important role recently by bringing the two sides back to the table.

Last month, SGX met with representatives from China Sky together with SIAS, where the company had presented a proposal to comply with the exchange's listing rules that include the appointment of a special auditor.

Local broadcaster MediaCorp said in report quoting SIAS President David Gerald that China Sky has complied with most of the requirements by SGX, though the conduct of the special audit remained a thorny issue.