SINGAPORE - The tycoon who made headlines in 2017 for his run-in with the management committee of the Ardmore Park condominium was declared bankrupt in the Hong Kong High Court last week.
In the wake of the bankruptcy order, Hong Kong-listed Brightoil Petroleum Holdings, a group involved in various oil and gas actitivities, announced on Tuesday that Dr Sit had stepped down as chairman and executive director of the company last Thursday. He also stepped down as company CEO and as director in various subsidiaries in the group.
He took the case all the way to the top court. He lost his battle but, in the process, the Court of Appeal clarified the touchy issue of what constitutes"common property" in a condo complex. Once the bankruptcy proceedings against Dr Sit kicked in, his lawyers tried to have them thrown out, but the judge found"no merit" in their arguments.