SBI Offshore uncovers unauthorised write-off of tax-linked expenses by China subsidiary; appoints independent auditor

SINGAPORE (April 3): SBI Offshore is appointing an independent auditor to investigate the unauthorised write-off of tax-related expenses payable by subsidiary Jiangyin SBI Offshore Equipment Co. (JSBI) to the parent company.

The independent auditor will also determine if there were breaches in rules, laws and regulations as well as lapses in control.

SBI Offshore called for an independent review it its filing on Monday night which sought to clarify the discrepancy between certain numbers in its unaudited and audited results for FY17 ended Dec which were flagged by external auditors BDO LLP.

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