SBI Offshore has yet to deal with the elephant in the boardroom
Things still appear unclear one year after the company upsized its board with the appointment of four independent directors
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Anita Gabriel
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A LOT can change in a year. But for some companies like ailing SBI Offshore, it could be suffering from Groundhog day - a chief executive in the spotlight, boardroom rejig, futile search for a new business, outstanding serious allegations over a past transaction and this - minority shareholders aching in vain for some clarity.
About a year ago, the company, which counts Mirzan Mahathir - the son of Malaysia's former premier Mahathir Mohamad - as its chairman and majority shareholder, found itself in unsteady footing.
The firm's two key shareholders - Tan Woo Thian (SBIO's founder and former CEO) and Hui Choon Ho - launched a mutiny to oust SBIO's chief executive Chan Lai Thong at an extraordinary general meeting which, after a bitter crossfire and commotion, was adjourned and now appears somewhat overtaken by events.
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