Corporate digest

Trek 2000

HENN Tan has stepped down as Trek 2000 chairman, chief executive and executive director. Mr Tan will be appointed as the group's consultant for a three-year period, the company said.

First Ship Lease Trust

FIRST Ship Lease (FSL) Trust Management has raised net proceeds of about US$7 million following the issue of its redeemable 7 per cent convertible bonds on May 21.

About US$6.68 million, or 95 per cent of the proceeds, have been used as partial repayment for an existing syndicated loan. This amount, along with US$3.35 million from cash available to the trust, has been repaid, reducing the outstanding loan to US$109.94 million.

SBI Offshore

SBI Offshore has appointed independent reviewer KordaMentha to undertake an audit of matters which may have led to an unauthorised write-off of funds from the group's accounts.

The board was previously alerted of a 17.3 million yuan (S$3.63 million) difference between its audited 2015 accounts and those of its China-incorporated subsidiary Jiangyin SBI Offshore Equipment Co (JSBI), which had written off the funds.