Swiber Holdings

[cyclone]

Investigation by CAD

Swiber Holdings Limited (Judicial Managers Appointed) wishes to announce that the Company has received a notice dated 15 November 2016 from the  Commercial Affairs Department ("CAD") which states that the CAD is investigating an offence under the Securities and Futures Act (Chapter 289) pursuant to the provisions of the Criminal Procedure Code (Chapter 68, 2012 Revised Edition).

More details in http://infopub.sgx.com/FileOpen/2016%201...eID=429749

[dydx]

http://infopub.sgx.com/FileOpen/SHL%20-%...eID=432039

A relevant question : Why did the character and disclosure checks of SGX's Listing/Compliance/Surveillance departments and the quality and character checks of Swiber's bankers (including DBS) fail so miserably in this massive corporate failure?

[weijian]

hi dydx,
A gentle reminder that these charges have not been proven yet. Lets not make hasty allegations (before conclusion of the trial) and get VB into trouble. These allegations could also be seen as interfering with trial.

[dydx]

hi dydx,
A gentle reminder that these charges have not been proven yet. Lets not make hasty allegations (before conclusion of the trial) and get VB into trouble. These allegations could also be seen as interfering with trial.

Thanks for trying to protect me, but I have never seen so many directors and officers of a large listed company get investigated upon before!

[Behappyalways]

Three Norway leased Swiber-linked vessels seized in Singapore
http://www.theonlinecitizen.com/2016/12/...singapore/

[weijian]

White knight appears finally after 2 years. Another evidence of the recovery in the O&G industry?

Seaspan to invest up to US$200 million in Swiber Group

NYSE-listed Seaspan inks binding term sheet for 80% of Swiber’s enlarged capital and new preference shares in subsidiary Equatoriale Energy

Swiber to diversify into power business and restructure debt under deal terms

http://infopub.sgx.com/FileOpen/Swiber%2...eID=528329

[CY09]

Swiber has announced the finalisation of Seaspan's investment into them.

https://links.sgx.com/FileOpen/2019%2003...eID=549453

Seaspan's $200 million investment will be split into 2 Components- (I) 10 million in exchange for 80% and eventually 72% of the company and (ii) $190 million in preference shares.

Existing shareholders will be left with 2.7% of the enlarged share capital while management too will be rewarded with a similar 2.7% stake for going through this ordeal. The outcome is $375k each for existing shareholders and Swiber's existing management.

[Behappyalways]

Seaspan and Swiber terminate $200m investment deal
https://splash247.com/seaspan-and-swiber...ment-deal/

[dydx]

Seaspan and Swiber terminate $200m investment deal
https://splash247.com/seaspan-and-swiber...ment-deal/

After over 9 months of work and consideration, suitor/potential saviour Seaspan finally decided to walk away. It looks like Swiber is not worth saving after all.

[weijian]

SGX reprimands Swiber Holdings Limited

Singapore Exchange reprimands Swiber Holdings Limited ("Swiber") for its breach of Listing Rule 703, read with Paragraph 25© of Appendix 7.1, by failing to provide a balanced and fair announcement in relation to a US$710 million project award. The relevant listing rule requires a company’s announcement to be  balanced and fair, and to avoid, among other things, presentation of favourable possibilities as certain, or as more probable than is actually the case.

For background of events leading to public reprimand and basis for the reprimands : http://infopub.sgx.com/FileOpen/20161031...eID=427051

A cool 7 years since investigation to get charged. Probably another 2-3years to complete the judicial due process. The long (time) arm of the law.

Eight ex-directors of insolvent Swiber charged with offences under Securities and Futures Act

In December 2014, Swiber announced that it had secured a US$710 million project to provide engineering, procurement, construction, installation and commissioning services for an offshore field development project.

But the group’s wholly-owned subsidiary, Swiber Offshore Construction, had authorised an expenditure of only up to US$2 million on this project, making the company’s statement materially untrue.

Five directors have now been charged with consenting to Swiber’s making of a false statement. They each also face an additional charge “for conniving in Swiber’s reckless non-disclosure”, said a statement by the police.

The “reckless non-disclosure” was related to Swiber’s alleged failure to disclose that Brunei Shell Petroleum had in October 2014 served Swiber Offshore Construction a notice of termination for the Champion Waterflood Project.

https://www.businesstimes.com.sg/compani...nd-futures