Mahathir’s son loses SBI Offshore chairman role

MIRZAN Mahathir has been voted out by SBI Offshore Ltd shareholders as the company’s chairman after yesterday’s annual general meeting.

According to the company in a filing to the Singapore exchange, 70.05% of the valid votes were against his reappointment, and only 29.95% were in favour.

Mirzan, 62, is told to step down immediately.

He is a substantial shareholder of SBI Offshore since in Sept 2014, after acquiring 10.8% of the company via a private placement at 26.05 cents per share, reported The Edge.

Mirzan is one of former prime minister Dr Mahathir Mohamad’s seven children.

On June 12, it was reported that SGX RegCo said it was investigating SBI Offshore for potential breaches of listing rules and directors’ fiduciary duties, after the release of a special audit by RSM Corporate Advisory.

The special audit was ordered by the Singaporean regulator in Dec 2018, to probe the sale of a factory in China by SBI Offshore at RMB18 mil (RM10.9 mil) – a massive discount off its value of RMB38 mil.

The audit had found the company did undertake an “adequate and reasonable” process on the sale.

However, the acquisition agreement did not have sufficient details of the assets and no valuation was conducted prior. – June 30, 2020

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