Carlyle Group‘s nominee on the board of China Fishery Group has stepped down, a few months after the U.S. private equity firm declined to take part in the Singapore-listed company’s rights issue.
Patrick Siewert resigned as a non-executive director from August 29, China Fishery said on Monday.
Carlyle’s stake in China Fishery fell from 11.1 percent to 6.2 percent following a rights issue earlier this year. China Fishery cited the reduced stake and competing commitments as reasons for Siewart’s departure from the board. His alternate director, Janine Feng Junyuan, also stepped down.
Shares of China Fishery and its parent, Pacific Andes International Holdings, have come under pressure following last month’s announcement that the companies were facing a probe by the Monetary Authority of Singapore and Singapore’s white-collar police for an offence under the securities and futures act.