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.