SBI Offshore files police report over alleged breaches involving associate company

The extent of violation is yet to be determined.

SBI Offshore Limited lodged a report with the Commercial Affairs Department of the Singapore Police Force after discovering a possible infringement of securities laws involving the purchase and sale of 35% shares in China’s Jiangyin Neptune Marine Appliance Co (NPT).

According to SBI, it has yet to determine the full extent of the possible violation that may also include other offences.

The group appointed a four-member special investigation committee comprising independent non-executive directors to lead the company’s investigation concerning PwC’s findings on the NPT transactions. The committee is mandated to investigate as well as to take actions as are necessary.