SBI Offshore files CAD report, beefs up board ahead of shareholder revolt
Report is in relation to the purchase and sale of a 35% stake in a China company
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Anita Gabriel
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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.
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