SBI Offshore calls for trading halt

OIL and gas solutions provider SBI Offshore has called for a halt on the trading of its stock pending the release of an announcement.

This comes after a Business Times (BT) report on Friday morning on a tussle between the firm's founder and chief executive, amid a yet-to-be-released audit alleging possible breach of securities laws in past transactions involving an associate company.

In the report seen by BT, PricewaterhouseCoopers (PwC) has recommended that SBIO's board seek legal advice to to review its findings, which point to the existence of two sets of conflicting agreements (in terms of sums involved and dates) on the acquisition and disposal of a stake in an associate company.

PwC also flagged that this could raise the issue of possible misstatement in the firm's initial public offering prospectus, and questions on whether Singapore's securities and listing rules may have been breached.

Read more: Board tussle at SBI Offshore as PwC submits troubling report