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
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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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