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Jane Moir

A director of Far East Pharmaceutical Technology has resigned from the board during  a furore over the whereabouts of the company's chairman.

Barton Tso Ming-sing has resigned as executive director of the company,  saying the move was an attempt to temporarily 'avoid harassment by the media'.

He   will remain as general manager of the pharmaceutical manufacturer that saw its stock plunge 92.44 per cent on Thursday amid speculation of a possible US$80 million loan default.

The company's shares were suspended from trading by the stock exchange after it was unable to find  senior management to explain the sudden drop in  price.  The stock remains suspended.

The disappearance of chairman Cai Chongzhen has put the  US$80 million syndicated loan under the spotlight, as the terms dictate that he retains his executive post and keeps a 56.41 per cent stake in the company, held through family trust Great Wall Investment.

Mr Tso yesterday declined to say whether Great Wall had sold down any of its stake in the company. He  said Mr Cai   was undergoing medical treatment for heart disease in Fuzhou, but declined to give the name of the hospital.

'Mr Cai may be able to meet the press in a couple of days either in Fuzhou or Hong Kong, at the discretion of his doctor,' he said.

Mr Tso  added that he had been in telephone contact with the chairman over the past two days, but declined to say whether officials from the stock exchange  had been able to contact Mr Cai or when the company would release  an announcement to clarify the situation.

'We are working with the stock exchange and lawyers to issue a company announcement. It can't be out before the Dragon Boat Festival,' Mr Tso said.

It is understood that representatives from the 13 banks involved in the loan facility have been talking to the senior management of the company and have visited factories run by the pharmaceuticals manufacturer.



'Harassed' Far East Pharma director resigns from board