SGX RegCo orders special audit of SBI Offshore over factory sale
Checks to be conducted on appraisers, negotiation for disposal, scope of due diligence performed on purchaser and disposal
Singapore
SINGAPORE Exchange Regulation (SGX RegCo) has ordered SBI Offshore to appoint a special auditor to investigate its disposal of a factory in China earlier this year.
SBI Offshore sold the factory in Jiangsu Province for 18 million yuan (S$3.6 million) on March 15, with the property valued at 17.8 million yuan by Suzhou Welsen Assets Appraisal Co Ltd in August 2017. The figure was a sharp decline from the property's valuations in previous years, which ranged from 38 million to 40 million yuan between 2014 and 2016.
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