Singapore Exchange regulatory arm probes firm linked to Mirzan Mahathir
Malaysiakini:
S'pore Exchange regulatory arm probes firm linked to Mirzan Mahathir
SBI Offshore, whose executive chairperson is former prime minister Dr Mahathir Mohamad’s son Mirzan Mahathir, is being investigated by SGX RegCo for potential listing rule breaches and potential contravention of directors’ fiduciary duties.
This comes after the release of a special audit on the company by RSM Corporate Advisory.
SGX RegCo, which is the regulatory arm of the Singapore Exchange, has been monitoring SBI Offshore for years, as reported by The Edge Singapore.
SGX RegCo had ordered for the special audit back in December 2018, to probe SBI Offshore’s sale of a factory in China at RMB18 million (RM10.8 million), when the book value of the factory was placed between RMB38 million and RMB40 million.
RSM released the special audit on June 12 and concluded that SBI Offshore did go through an “adequate and reasonable” process for the sale of the factory.
The price of RMB18 million was the best offer they received during the period, according to the special audit.
However, the audit revealed several other issues related to the same factory.
When SBI Offshore bought the factory, the acquisition agreement lacked sufficient details of the assets to be acquired, said SGX RegCo.
The regulator said there was no valuation conducted before the acquisition agreement was executed to assess and support the purchase consideration of RMB32 million.
Before SBI Offshore had entered into the acquisition agreement for the purchase of the factory, the company had incurred RMB8.19 million for the construction and renovation of the factory even though SBI Offshore was intending to acquire a completed factory, reported The Edge.
Besides the RMB32 million to purchase the factory, SBI Offshore also spent about RMB15 million in capital expenditure up till 2013 for the same factory.
“The factory was eventually underutilised and accumulated losses of more than RMB47 million for the period up to Dec 31, 2017,” said SGX RegCo.
Following the findings of the special audit, SGX RegCo will commence detailed investigations into the company.
Meanwhile, in an announcement signed in the name of Mirzan, SBI Offshore said it is aware of the potential breaches of laws and/or listing rules.
It said the company "will assess the findings and determine the appropriate course of action in the best interests of the group and shareholders.”
S'pore Exchange regulatory arm probes firm linked to Mirzan Mahathir
SBI Offshore, whose executive chairperson is former prime minister Dr Mahathir Mohamad’s son Mirzan Mahathir, is being investigated by SGX RegCo for potential listing rule breaches and potential contravention of directors’ fiduciary duties.
This comes after the release of a special audit on the company by RSM Corporate Advisory.
SGX RegCo, which is the regulatory arm of the Singapore Exchange, has been monitoring SBI Offshore for years, as reported by The Edge Singapore.
SGX RegCo had ordered for the special audit back in December 2018, to probe SBI Offshore’s sale of a factory in China at RMB18 million (RM10.8 million), when the book value of the factory was placed between RMB38 million and RMB40 million.
RSM released the special audit on June 12 and concluded that SBI Offshore did go through an “adequate and reasonable” process for the sale of the factory.
The price of RMB18 million was the best offer they received during the period, according to the special audit.
However, the audit revealed several other issues related to the same factory.
When SBI Offshore bought the factory, the acquisition agreement lacked sufficient details of the assets to be acquired, said SGX RegCo.
The regulator said there was no valuation conducted before the acquisition agreement was executed to assess and support the purchase consideration of RMB32 million.
Before SBI Offshore had entered into the acquisition agreement for the purchase of the factory, the company had incurred RMB8.19 million for the construction and renovation of the factory even though SBI Offshore was intending to acquire a completed factory, reported The Edge.
Besides the RMB32 million to purchase the factory, SBI Offshore also spent about RMB15 million in capital expenditure up till 2013 for the same factory.
“The factory was eventually underutilised and accumulated losses of more than RMB47 million for the period up to Dec 31, 2017,” said SGX RegCo.
Following the findings of the special audit, SGX RegCo will commence detailed investigations into the company.
Meanwhile, in an announcement signed in the name of Mirzan, SBI Offshore said it is aware of the potential breaches of laws and/or listing rules.
It said the company "will assess the findings and determine the appropriate course of action in the best interests of the group and shareholders.”
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He was also PROBED - adoi adoi adoi - tetapi dengan mucho syiokness 😂😂😂😂😂😂😂😂😂 |
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