SBI Offshore Limited

Mirzan, who is also the eldest son of Malaysia's Prime Minister Mahathir Mohamad, became a substantial shareholder back in Sept 2014 after buying 10.8% of the company via a private placement at 26.05 cents per share.

Trading in SBI’s securities will continue till 5pm on September 30 to allow shareholders to exit their investment if they decide to do so.

SBI Offshore’s shareholders Hui Choon Ho and Paul Goh have sent two letters dated July 13 and July 15 to the company calling for an extraordinary general meeting (EGM) to prevent further agreements with Berlitz CEO Chan Kern Miang.

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.