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SBI Offshore gets legal adviser's final report on past deals involving associate firm

SBI Offshore's board should weigh the "costs vs the benefits" of taking any legal proceedings in relation to the existence of two sets of conflicting agreements on the acquisition and subsequent disposal of a 35 per cent stake in China-incorporated Jiangyin Neptune Marine Appliance Co (NPT), said a final report by UniLegal LLC.

This should take into account the likelihood that there has not been any direct financial loss so far resulting from the discrepancies, according to a summary of the key findings and recommendations put forth by UniLegal to SBI Offshore's special investigation committee (SIC) that was announced over the weekend.

In addition, the Catalist-listed firm's legal advisers do not recommend "for now" the need for Interrogatories Before Action (requests for more information) against the firm's two key shareholders and former chief executives David Tan Woo Hian or Jonathan Hui Choon Ho.

SBI Offshore said the board will reveal its next course of action latest by Oct 6 after review and further legal advice. The update would include the board's considerations on the position of the reconvening of the extraordinary general meeting which was adjourned on Sept 16.

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