Brightoil Petroleum CEO and chairman Sit Kwong Lam has quit the company after being declared bankrupt in Hong Kong.
The troubled VLCC owner's boss had provided a personal guarantee of more than $30m for goods Brightoil bought from Vietnam-owned trader Petrolimex Singapore last April.
Petrolimex had applied for the bankruptcy order when the debt was not settled. It is also trying to wind up a Brightoil subsidiary in Singapore.
