SBI unveils dispute re commission income

The company said it is doing its best to resolve the issue amicably.

The Board of Directors of SBI Offshore Limited announced that it is of the view that the company is entitled to a commission income of approximately US$12 million for assistance rendered by SBI to one of its principals in securing a substantial order for certain offshore equipment.

However, this is disputed by the principal.

SBI said it believes that this development may have a material impact on its financial results for the current financial year ending 31 December 2012 and forthcoming financial years. The company is currently seeking legal advice.

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