SUBSCRIBERS

SBI Offshore exploring ways to repatriate and place China funds in escrow

It has not been able to repatriate US$3.2m due to regulations governing forex remittance

Vivienne Tay

Published Fri, Jun 7, 2019 · 09:50 PM

Singapore

CATALIST-LISTED SBI Offshore has not been able to repatriate US$3.2 million in funds from China to be placed in escrow due to regulations governing the remittance of foreign exchange.

It is exploring options to ensure its China escrow account is opened by July 2019 or it would consider repatriating its money in China through capital reduction and/or liquidation of its Chinese subsidiary Jiangyin SBI Offshore Equipment Co…

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes