SINGAPORE (Dec 22): SBI Offshore’s former executive director and CEO, Tan Woo Thian, has been ordered by the high court to pay a final sum of $624,631, plus interest and  legal costs fixed at $10,000, to the company by Jan 13.

SBI Offshore on Aug 13 said it filed a writ of summons to demand payment for the outstanding sum under a guarantee, provided by Tan, for an advance for an acquisition project which the company had not proceeded with. The hearing was held last Tuesday.

In a Thursday filing to the SGX, SBI Offshore says the payment is expected to have a material and positive impact to its earnings per share (EPS) and net tangible asset per share of the group for the financial year ending Dec 31, 2017, owing to a write-back of the amount upon receipt of the payment.

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