SBI Offshore

SGX RegCo teams up with professional body of valuers to tackle problem of questionable valuations

SINGAPORE (Jan 28): The Singapore Exchange Regulation has enlisted the help of the professional body of valuers, to bring its expertise to bear when listed companies face questions over the value of assets in potential deals.

Under a memorandum of understanding signed between SGX RegCo and the Institute of Valuers and Appraisals, Singapore (IVAS), which is part of the Singapore Accountancy Commission, the exchange can turn to the institute for expert advice and support on matters related to business valuation.

SGX RegCo orders Mirzan Mahathir-linked SBI Offshore to make special audit

SINGAPORE (Dec 21): SGX RegCo is compelling SBI Offshore to appoint a special auditor to probe the recently completed sale of a property in China, where the transacted value was less than half of a recently appraised value.

Mirzan Mahathir, who is also the eldest son of Malaysia's Prime Minister Mahathir Mohamad, is the executive chairman of SBI Offshore. He became a substantial shareholder back in Sept 2014 after buying 10.8% of the company via a private placement at 26.05 cents per share.

SBI Offshore uncovers unauthorised write-off of tax-linked expenses by China subsidiary; appoints independent auditor

SINGAPORE (April 3): SBI Offshore is appointing an independent auditor to investigate the unauthorised write-off of tax-related expenses payable by subsidiary Jiangyin SBI Offshore Equipment Co. (JSBI) to the parent company.

The independent auditor will also determine if there were breaches in rules, laws and regulations as well as lapses in control.

SBI Offshore affirms confidence in solar project amid allegations from detractors

A key project that SBI Offshore announced earlier this year to diversify into the solar energy business is not viable, and its downsizing has not been properly communicated to investors, says James Lau, a former employee of the company who has been trying to unseat its CEO John Chan.

SBI Offshore lodges report with CAD

SINGAPORE (Sept 15): SBI Offshore has lodged a report with the Commercial Affairs Department (CAD) of the Singapore Police Force over potential breaches over the purchase and sale of the 35% stake in Jiangyin Neptune Marine Appliance Co.

At the same time, the group appointed a Special Investigation Committee with four new independent non-executive directors to lead its investigation into PriceWaterhouse Coopers’ findings into the transaction.

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