SBI Offshore lodges report with CAD over possible breaches of securities laws
SBI Offshore has lodged a report with the Commercial Affairs Department (CAD) in relation to possible breaches of securities laws and other offences related to transactions involving a former associate company.
In an announcement to the Singapore Exchange, the company said that the report was also in relation to potential breaches involving the purchase and subsequent sale of a 35 per cent interest in China-incorporated Jiangyin Neptune Marine Appliance Co (NPT).
"The full extent of the possible breach of securities laws or other offences, or other potential breaches has yet to be determined," it said.
SBI Offshore also said that it has appointed a special investigation committee at board level, comprising the four new independent non-executive directors who were appointed on Wednesday. The committee will lead the company's investigation into the findings of a Pricewaterhouse Coopers review on the NPT transactions that was released on Sept 10.
"The committee is mandated to investigate as well as to take actions as are necessary," it added.
There has been no trading on SBI Offshore shares over the past two weeks. The shares last traded at 15 Singapore cents on Sept 2.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
China’s top airlines improve balance sheet in Q1; outlook positive for May Day
Stablecoin issuer Tether invests US$200 million in brain-computer interface company
Yahoo to lay off staff in Singapore as it shifts to content curation
US: Wall St opens higher on megacap strength, Fed verdict awaited
IReit Global occupancy rate grows to 91.5% in Q1
Yen surges against US dollar on suspected intervention