Jul 29, 2016

    SGX to probe Swiber amid winding-up application

    THE Singapore Exchange (SGX) has been closely monitoring the situation at Swiber Holdings and will be undertaking a thorough investigation into the developments in the company, Tan Boon Gin, its chief regulatory officer, said yesterday.

    "Listed companies are obliged to make timely and complete disclosures of material information.

    "In Swiber Holdings Limited's case, key disclosures, including the first set of announcements on July 8, 2016 were made only after queries from SGX," he added.

    He said SGX would like to remind the market that shareholders have a right

    to be kept well-informed

    at all times, particularly

    when companies are facing business adversities.

    "We have been closely monitoring the situation at Swiber and will be undertaking a thorough investigation into the developments there.

    "The company and relevant individuals should expect us

    to take action if any breach

    of the Listing Rules is found," Mr Tan added.

    Early yesterday, Swiber shocked market observers when it announced that it has filed an application to place the company under provisional liquidation.

    The winding-up application will be heard in court

    on Aug 19.

    The company - once a darling in the Singapore oil and gas sector - also said

    its executive director and vice-chairman Francis Wong, executive director and chief financial officer Leonard Tay and executive director

    Nitish Gupta have resigned "to seek new opportunities".

    This comes at a time when it is facing letters of demand for about US$25.9 million (S$35 million) in total,

    and is seeking legal advice.

    On Monday, the company said it was facing just

    US$15.2 million in outstanding demand letters

    for which legal proceedings had not commenced, and US$4.76 million of outstanding demand letters that had not been paid off.

    Shares of Swiber have

    been halted from trading

    since July 27.