In crisis Singapore-listed firm SBI Offshore has added four extra independent directors as it readies investigations into past misdemeanours by two previous ceos.
A report by PwC published five days ago alleged a possible breach of securities laws in past transactions involving two former CEOs of the company.
“Whilst the board had previously thought that the addition of one or two directors should be adequate, the gravity and implications of the PwC NPT findings that was announced on 10 September 2016 makes it imperative for the board now to introduce a larger number of new and independent directors who were previously uninvolved with the company,” SBI Offshore said in a filing.
Established in 1994, SBI Offshore listed on the Singapore Exchange in 2009 as an integrated engineering and drilling solutions provider to the oil and gas industry.
