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SBI Offshore's ex-CEO rekindles boardroom fight, now seeks directorship
SBI Offshore's former chief executive, David Tan Woo Thian, is seeking a seat on the board of the offshore and marine contractor, as the company says it will not pursue legal action against him related to alleged irregularities in past transactions.
Mr Tan, who holds more than 10 per cent of SBI Offshore's shares, sent a letter to the company on Thursday to requisition an extraordinary general meeting (EGM) in which he is proposing his appointment as a non-executive director.
SBI Offshore said that it plans to reconvene an EGM that was adjourned on Sept 16, 2016, and add Mr Tan's appointment resolution to the EGM.
That delayed EGM was also requisitioned by Mr Tan alongside former SBI Offshore CEO Hui Choon Ho and shareholder Ong Nai Pew. They had sought to place Mr Ong, Lau Yoke Mun and Geoffrey Yeo Seng Huat on the board. The requisitioning shareholders also wanted to remove then-director Chan Lai Thong from the board, but Mr Chan resigned on Aug 31, 2017.
In its announcement, SBI Offshore said it had decided not to pursue legal action against Mr Tan and Mr Hui with regards to alleged irregularities surrounding an investment in a China company. Its decision was based on an assessment of commercial "net benefits" and the fact that there was no material financial loss to the company.
An investigation into that transaction, however, led to SBI Offshore receiving advice to take action against Mr Lau, a former employee of the company. In Friday's announcement, SBI Offshore said that the current board will take those matters into account in considering Mr Lau's suitability as a director.