BVI Company News

British Virgin Islands-registered China Technology Development Group Corporation (CTDC), providing solar energy products and solutions in China focusing on a-Si thin film technology,  announced the appointment of Gary Leung as the new Chief Financial Officer who will lead the company’s financial management and accounting team. In this post he replaced Charlene Hua who resigned with effect from November 6, 2008. Charlene Hua, in her turn, confirmed that there were no disagreements between her and CTDC on any matter which became the reason for her resignation.

Mr Leung has experience in accounting, planning and budgeting, strategic development, internal controls as well as PV markets in the U.S. and China. He worked in the post of Managing Director of Oracle Corporation in HK and China, and in the post of Chief Accountant of Orix HK Corporation. Mr Leung also took part in defining the first set of accounting principle and tax rules for leasing industry. He holds a Master’s degree in Business Administration from International Management Centre of Buckingham, UK.

On October 29, the BVI company CIC Energy Corp announced the appointment of financial advisors for financing of the Mmamabula Energy Project, located in Botswana. London-based investment bank NM Rothschild and Sons Limited will become the Project Financial Advisors for the planned debt financing of the Project, which will be involved in all aspects of the project financing, will participate in term sheet and loan documentation negotiations. Rothschild’s will also co-ordinate and manage the lender group and the financing process, in order to meet the Mmamabula Energy Project’s timelines.

The expected lending group includes development finance institutions with a mandate to fund projects like the Mmamabula Energy Project, having a high socio-economic development impact in the region. It is also anticipated that certain export credit agencies will participate in the funding in support of the export of goods and services from their host countries for the construction of the Mmamabula Energy Project. The whole financing plan is expected to be completed by a tranche of funding from South African commercial banks, with whom the BVI corporation continues discussions.

Also, CIC Energy announced the changes to the BVI company’s board of directors. Dr. Reuel Khoza and Dr. Mandla Gantsho have decided to resign from the board of directors of the company, due to a potential conflict of interest, which arose from their being also the directors of Sasol Limited. With the advancement of the BVI company’s Coal-to-Hydrocarbons project, this double directorship was the potential source of the conflict of interest. Two new directors will be nominated in due course. Mr. Warren Newfield, who was Co-Chairman of CIC Energy with Dr. Khoza, will become the Chairman of CIC Energy, effective immediately.