Dubai-based Gulf Navigation's CFO resigns after less than three months

Shipping company confirms resignation just months after sinking of vessel

  
Image for illustrative purposes. The New Diamond, a very large crude carrier (VLCC) chartered by Indian Oil Corp (IOC), that was carrying the equivalent of about 2 million barrels of oil, is seen after a fire broke out off east coast of Sri Lanka September 3, 2020. Sri Lankan Airforce media/Handout via REUTERS

Image for illustrative purposes. The New Diamond, a very large crude carrier (VLCC) chartered by Indian Oil Corp (IOC), that was carrying the equivalent of about 2 million barrels of oil, is seen after a fire broke out off east coast of Sri Lanka September 3, 2020. Sri Lankan Airforce media/Handout via REUTERS

REUTERS

The chief financial officer (CFO) of Dubai-based shipping company Gulf Navigation, whose livestock ship sunk in September, has resigned.

In a statement to Dubai Financial Market (DFM), the firm gave no reason for the resignation of Roderik Godfried Flikweert, but said it was taking the required measures to appoint a new CFO.

Flikweert was appointed by the company on September 2, according to a press release.

The company’s Gulf Livestock 1 sank off the coast of Japan in the early hours of September 2 while it was enroute to China, causing the loss of 40 crew members as well as 6,000 live cattle.

Following the incident, auditors cast doubts on the company’s third-quarter financial results, after it included in its receivables a $53.8 million insurance payment, the outcome of which has yet to be decided on.

Without the payment, losses would have exceeded 50 percent of the group’s share capital, auditors said.

(Writing by Imogen Lillywhite; editing by Cleofe Maceda)

Imogen.Lillywhite@refinitiv.com 

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© ZAWYA 2020

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