Vallianz claims not linked to Swiber’s CAD investigations; business to ‘continue as normal’

SINGAPORE (Dec 7): Vallianz Holdings, the offshore support vessel provider, claims the group is not involved with the investigations against its independent non-executive directors Yeo Jeu Nam and Yeo Chee Neng, who hold positions at the company as director and vice chairman respectively.

It was announced on Tuesday that director Yeo, also an independent non-executive director of Swiber Holdings, was released on bail between Nov 30 and Dec 2 this year regarding CAD’s investigations against Swiber.

To recap, Swiber is currently being charged for reneging on $460 million of notes amid a slump in oil and shipping markets. Investigations are still on-going, but no formal charges have been brought against him to date.

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