Apollo Global Capital appoints OIC after President 'resigns'
Apollo Global Capital [APL 0.027 3.6%] [link] disclosed that it has parted ways with its President, Vittorio Paulo P. Lim, over “professional differences”.
Bonner C. Dytoc was named by the board as the officer-in-charge of the failing offshore mining company until the board is able to figure out what to do next.
APL is a publicly-traded entity, previously named the Yehey! Corporation, which served as the backdoor for JDVC Resources to list on the PSE in 2017.
The offshore mining company is still non-operational.
MB BOTTOM-LINE
While Mr. Lim was listed as having “resigned”, this feels more like the board deciding to head in a different direction.
I wonder what the “professional differences” were? Like, did Mr. Lim want to actually operate an offshore mine, and the board was all like “nah, bro, just chill”?
It has been 671 days since APL first said that its mining vessel, the MB Siphon 1, was “in position” and ready to begin operations.
Mr. Dytoc, APL’s OIC, should have fairly clear marching orders from APL’s shareholders.
Unless there’s something that APL is not disclosing, it seems like much of what ails this company could be resolved by simply getting down to business.
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