Two vessels owned by a subsidiary of BH Global Corporation have been stolen from its shipyard in Batam, Indonesia, in an incident that might be linked to unpaid payments totalling almost $2 million from a client.
The company said the vessels were "forcefully removed and robbed away" by an unauthorised group numbering up to 100 from the shipyard of its unit PT BH Marine & Offshore Engineering last Sunday.
This occurred despite the presence of local police and the subsidiary's staff and security guards putting up resistance to prevent the act, according to a Singapore Exchange filing late Tuesday.
BH Global said the Batam police is investigating the matter and in talks with various parties to arrange for the return the vessels to the shipyard.
In the event if the vessels are recovered, BH Global said it is unlikely to incur a loss.
The company also said it will provide an update on any loss which it may incur should it fail to retrieve the vessels.