Board Member Resignations Mark Sugih Energy's Tragic Fall

Summary

The resignation of all boards of commissioners and directors marks the tragic fall of PT Sugih Energy Tbk (SUGI), an energy company founded by tycoon Edward S. Soeryadjaya. In his letter to shareholders, President Director Walter Kaminsky, Director David K. Wiranata, Director Lawrence T.P. Siburian, President Commissioner Fadel Muhammad, and Independent Commissioner Sany Kharisman Wisekay collectively submitted their resignations.

"Together, we submitted our resignations from the company's management. We handed everything over to the shareholders," they stated in information disclosure on the Indonesia Stock Exchange, Thursday.

There are several considerations prompting their resignations, such as the fact that the company does not have any money to pay employees' salaries since early 2019. The lack of funds also prevents Sugih Energy from executing work programs.

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