SBI Offshore has yet to deal with the elephant in the boardroom

A LOT can change in a year. But for some companies like ailing SBI Offshore, it could be suffering from Groundhog day - a chief executive in the spotlight, boardroom rejig, futile search for a new business, outstanding serious allegations over a past transaction and this - minority shareholders aching in vain for some clarity.

About a year ago, the company, which counts Mirzan Mahathir - the son of Malaysia's former premier Mahathir Mohamad - as its chairman and majority shareholder, found itself in unsteady footing.

The firm's two key shareholders - Tan Woo Thian (SBIO's founder and former CEO) and Hui Choon Ho - launched a mutiny to oust S…