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MTR CEO to resign amid project issues; Sino-Ocean board loses 4 directors


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MTR CEO to resign amid project issues; Sino-Ocean board loses 4 directors

S&P Global Market Intelligence presents a weekly rundown of recent significant management and board changes and personnel moves in the Asia-Pacific real estate industry. The moves are listed by sector and by announcement date in reverse chronological order. The Europe and North America Hires and Fires columns will be published Wednesday and Thursday, respectively.

Hong Kong

* Tsang Sai Chung resigned as company secretary and authorized representative of Pacific Century Premium Developments Ltd., effective Aug. 10.

* The CEO of MTR Corp. Ltd., Lincoln Leong Kwok-kuen, is stepping down amid ongoing issues at a project near Hong Kong's Tai Wai station, which is being developed by New World Development Co. Ltd. Leong's retirement will take effect once a successor has been named.

In addition, Philco Wong Nai-keung resigned from the railway operator/property developer and relinquished his duties as executive director, with immediate effect.


* Executive directors Li Hu and Li Hongbo and nonexecutive directors Yao Dafeng and Shangguan Qing resigned from the board of Sino-Ocean Group Holding Ltd., effective Aug. 10.

Li Ling, on the other hand, was named to the board as a nonexecutive director, also effective Aug. 10.

* Zhu Yongqiu, Shen Ziaowei and Cai Qiaoling joined the board of Wuzhou International Holdings Ltd. as executive directors. Liu Chaodong was also named to the board as an independent nonexecutive director and Zhou Chen was redesignated to an executive directorship role.


* Suhas Joshi replaced Vijendra Ishwardas Garg as managing director of Hazoor Multi Projects Ltd. after the company's board approved the former's appointment at an Aug. 11 meeting. Garg will continue serving as a nonexecutive director.

Additionally, Munni Jain's appointment was also approved at the meeting, while independent director Ashish Kankani and nonexecutive woman director Chanda Garg stepped down from their posts.

* Manisha Kudtarkar stepped down as CFO and company secretary of Vaghani Techno-Build Ltd., with effect from Aug. 10., with Prarthana Malgoankar and Divyaprakash Dubey taking on the CFO and company secretary roles, respectively. Sushil Kapoor was also installed as an additional director.

* Prasant Kumar's appointment as company secretary and chief compliance officer of Nitesh Estates Ltd. was approved by the board Aug. 10.

* Raja Bahadur International Ltd. said company secretary and compliance officer Rohit Taparia resigned from the positions, with effect from Aug. 11.

* Jinai Shah resigned as company secretary of Prerna Infrabuild Ltd., effective Aug. 6.

* Ashokkumar Ruia retired Aug. 8 as chairman and managing director of The Phoenix Mills Ltd. after 55 years on the board. Ruia, who cited a need for younger leadership as reason, was succeeded by Atul Ruia, also effective on the same date.

* Omaxe Ltd. said Jai Bhagwan Goel resigned from the board Aug. 4, with the real estate developer deciding not to fill the vacancy.


* Sithipon Ratanaporn resigned as CFO of J.S.P. Property PCL, effective Aug. 6.

* Origin Property PCL's board approved the appointment of Surin Sahachatpocanun as COO, while Kreingkrai Kreebongkan was elected to be chief construction officer. The appointments took effect Aug. 10.

The Thai developer also appointed Chinapat Visuttipat as a member of the audit committee, also effective on the same date.

* Apinya Jarutrakulchai replaced Suang Chaisurote on the board of Quality Houses PCL Aug. 10 as a new director.

* Smith Banomyong stepped down Aug. 1 from CPN Commercial Growth Leasehold Property Fund's investment committee.

* Nava Nakorn PCL named Tanit Thamsukhati as independent director, with effect from Aug. 7, replacing Sommai Wichaworn.

* The Platinum Group PCL installed Surachai Chotjurangkool as acting president, effective Aug. 2.


* Seohan Soo was elected as nonindependent nonexecutive director at AmFirst Real Estate Investment Trust, with effect from Aug. 10. Raja Teh Maimunah, meanwhile, resigned as nonexecutive director on the same day to focus on the wholesale banking business of AmBank (M) Bhd.


* Petro Capital & Infrastructure Investment JSC named Le Thanh Binh to be deputy CEO following the resignation of Tran Huu Giang in May.

* Nguyen Thi Tuyet Nga stepped down as chief accountant of Binh Duong Trade and Development JSC, effective Aug. 3, with Ly Thi Binh taking on the vacated position and the deputy CFO role on the same day.


* Tan Tiong Cheng joined Amara Holdings Ltd.'s remuneration committee as chairman, effective Aug. 8, replacing Chia Kwok Ping, who remains in the committee as a member. Tan also became a member of the audit committee.