SBI Offshore says CAD finds insufficient evidence of criminal offence relating to 2016 police report

Oil and gas solutions provider SBI Offshore said on Friday that it had been informed by the Commercial Affairs Department (CAD) that there is insufficient evidence to prove that a criminal offence had been committed here in relation to a police report that the company had lodged with the CAD back in September 2016.

The police report was about a possible breach of securities laws or other offences, or other potential breaches involving the purchase and sale of a 35 per cent stake in Jiangyin Neptune Marine Appliance Co, a China-incorporated company that makes lifeboats.

In a regulatory filing with the Singapore Exchange on Friday, SBI Offshore said that on Thursday, it had received a letter from CAD dated Mar 23, 2018 on the status of the investigation.

"CAD informed that they have completed their inquiry into the matters raised in the police report and after considering the facts and circumstances of the case, they are of the view that there is insufficient evidence to prove that a criminal offence had been committed in Singapore.

"As such, they will be taking no further action."