SouthGobi provides update on status of Chairman and Chief Executive Officer
VANCOUVER, British Columbia, Nov.17, 2017(GLOBE NEWSWIRE) -- SouthGobi Resources Ltd. (TSX:SGQ) (HK:1878) (“SouthGobi” or the “Company”) announces that on November 16, 2017, it learned that Mr. Aminbuhe, the Chairman and Chief Executive Officer of the Company, was arrested on October 11, 2017 and is being detained at Rizhao City Detention Center in China as a suspect in a fraudulent loan case.
The Board of Directors (the “Board”) has formed a special committee (the “Special Committee”) of independent non-executive directors, comprised of Mr. Mao Sun, Ms. Jin Lan Quan and Mr. Yingbin Ian He, to initiate a formal internal investigation into the charges against Mr. Aminbuhe and the connection, if any, between those charges and the Company and his conduct as Chairman and Chief Executive Officer of the Company, which will include engaging external advisors to assist in the investigation. The Special Committee will report to the Board from time to time with respect to the results and status of its investigation and the potential impact of these matters, if any, on the business and affairs of the Company.
As announced on November 13, 2017, Mr. Aminbuhe is currently on leave from the Company and that Mr. Bing Wang is acting as the Interim Chief Executive Officer in his absence. During this interim period, the Company will continue to carry on its business in the normal course, relying on the depth and experience of its management team and the Board.
The Board will continue to closely monitor this situation and will provide further information with respect this matter as and when appropriate.
About SouthGobi
SouthGobi, listed on the Toronto and Hong Kong stock exchanges, owns and operates its flagship Ovoot Tolgoi coal mine in Mongolia. It also holds the mining licences of its other metallurgical and thermal coal deposits in South Gobi Region of Mongolia. SouthGobi produces and sells coal to customers in China.
Contact: Investor Relations Kino Fu Office: +852 2156 7030 Email: kino.fu@southgobi.com Website: www.southgobi.com