Shareholder move to oust SBI Offshore CEO stalls

Singapore

FRIDAY's meeting for SBI Offshore shareholders to vote on a board shake-up that was triggered by a major shareholder's "mutiny" against the chief executive officer came through like an edgy day-time chat show and after two highly-charged hours, ended up being adjourned.

The hashtag #nofilter came to mind as all nine directors, led by chairman Mirzan Mahathir, huddled at one side of a table at the far end of a small, packed room, facing no less than 70 shareholders including many proxy shareholders and former employees and for the most part of the entire two hours, endured a litany of hard-hitting questions and incensed remarks.

The most vociferous bunch who were visibly vexed by the company's loss-making status and were eager to oust CEO Chan Lai Thong from the board were parties friendly to Tan Woo Thian. Mr Tan, SBI Offshore's founder and largest shareholder, together with two other requisitioning shareholders, Hui Choon Ho and Ong Nai Pew, are seeking shareholders' approval to i…