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SBI Offshore served summons for reimbursement of S$114,187
CATALIST-LISTED SBI Offshore has received an originating summons filed against it by PricewaterhouseCoopers Advisory Services, for the reimbursement of S$114,187.93 and legal costs, it said in a filing on Tuesday.
In 2016, SBI Offshore appointed PwC to review the facts and circumstances of certain issues surrounding the acquisition and disposal of Jiangyin Neptune Marine Appliance Co, which was then an associate of the company.
Following the issuance of PwC's findings, former executive director and chief executive officer Tan Woo Thian started legal proceedings against PwC.
Under the terms of engagement between SBI Offshore and PwC, SBI Offshore would be liable for any costs incurred by PwC and other relevant persons if third parties started proceedings against them, in relation to the services rendered.
In the originating summons, SBI Offshore has been ordered to reimburse PwC the sum of S$114,187.93 - the legal costs and disbursements incurred by PwC from March 22, 2017 to Sept 25, 2017, in relation to the suit filed by Mr Tan against PwC - as well as all legal costs and disbursements incurred by PwC in respect to the originating summons itself.
SBI Offshore noted that as at Dec 31, 2018, it made a provision of US$110,000 based on invoices received from PwC, in relation to costs incurred by PwC in defending itself in the suit. The claimed amount forms part of the provision, it added.
"The company is seeking legal advice in respect of the originating summons and will make further announcements on any material developments as and when necessary," said SBI Offshore.