17/01/2014 - 16:22

Mansell, Hackett step down from Moly Mines

17/01/2014 - 16:22

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Moly Mines has announced another boardroom shakeup in the wake of the arrest in Hong Kong earlier this week of one of the company’s major shareholder’s senior executives.

Moly Mines has announced another boardroom shakeup in the wake of the arrest in Hong Kong earlier this week of one of the company’s major shareholder’s senior executives.

The Australian Securities and Investments Commission said on Wednesday that Hanlong Mining executive Steven Xiao had been detained at Hong Kong airport, on insider trading charges.

Hanlong holds a 53.8 per cent stake in Moly Mines, and in August last year requisitioned the company’s board to ditch then-chairman Michael Braham and independent director David Craig, and replace them with prominent executives Bruno Camarri and Peter Mansell.

The Perth-based company said today that Mr Mansell and company secretary Neil Hackett would no longer continue with the company, to be replaced by Doug Buerger and Cathie Wu, as well as Susan Hunter.

Mr Camarri resigned as a director in late December, just four months after his appointment.

Moly’s board of directors thanked Mr Mansell and Mr Hackett for their contribution to the company.

“We are delighted to welcome Doug and Cathie to the Moly board and Susan as company secretary and believe their backgrounds and significant expertise will be of great benefit to the company,” Moly Mines chairman Nelson Chen said in a statement.

At close of trade today, Moly Mines shares were steady at 12 cents.

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