FSL Trust's manager hit by shock resignations

FSL Trust's manager hit by shock resignations

SINGAPORE - Four shock resignations have left First Ship Lease (FSL) Trust's trustee manager without its chairman, chief executive, chief financial officer and another director.

This was announced in filings made by the Singapore-listed shipping trust on the Singapore Stock Exchange on Thursday.

The board is now left with only four members.

FSL Trust owns ships that it leases out.

Last month, amid tough industry conditions, the trust demanded the return of two tankers after two subsidiaries of a Turkish company missed lease payments.

The trust has also been in talks with its lenders over relaxing the terms of its debt repayments.

It said on Thursday that chairman and independent director Wong Meng Meng, 65, and independent director Phang Thim Fatt, 56, had resigned after "differences in opinion in respect of the conduct of a board meeting".

In the case of executive directors Philip Clausius, 44, and Cheong Chee Tham, 48, it cited a slightly different reason for their departure: "differences in opinion in respect of the management of FSL Trust and FSL Trust Management (the trustee-manager)".

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