AsiaOffshore

SBI Offshore readies investigations into past misdemeanours

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.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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