SBI Offshore files CAD report, beefs up board ahead of shareholder revolt

Singapore

AHEAD of a crunch shareholder vote on a boardroom shakedown on Friday, SBI Offshore has muscled up its board with four new members and lodged a report with Singapore's white-collar crime buster on a possible breach of securities laws and other offences.

The report lodged with the Commercial Affairs Department (CAD) is in relation to the purchase and sale of a 35 per cent stake in China-incorporated Jiangyin Neptune Marine Appliance Co (NPT), said SBI Offshore chairman Mirzan Mahathir in an announcement to the Singapore Exchange.

"The full extent of the possible breach of securities laws or other offences, or other potential b…