![[UPDATED] MACC: 'Tan Sri' may be recalled in Sapura Energy breach of trust probe](/_next/image?url=https%3A%2F%2Fassets.nst.com.my%2Fimages%2Farticles%2Fwtmacc95_NSTfield_image_socialmedia.var_1746787167.jpg&w=3840&q=100)
[UPDATED] MACC: 'Tan Sri' may be recalled in Sapura Energy breach of trust probe
KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) has not ruled out the possibility of recalling a prominent corporate figure with the title of 'Tan Sri' in connection with criminal breach of trust and misappropriation of funds involving Sapura Energy Bhd.
The MACC's Strategic Communications Division said that family members and former board members of Sapura Energy Bhd may also be summoned to provide their statements.
The anti-graft agency said it has not made any arrests so far.
"We wish to emphasise that the investigation is still ongoing and urge the public to avoid speculation to ensure the probe proceeds smoothly and without disruption.
"The case is viewed as a test of corporate governance integrity and the transparency of public fund management in a listed Malaysian company," the division told the New Straits Times.
Yesterday, sources said that the MACC had launched an investigation into a 'Tan Sri', focusing on several investments made following the merger of SapuraKencana Petroleum Bhd and SapuraCrest Petroleum Bhd, which later became Sapura Energy.
The source said the probe is centred on suspected offences under Section 23 of the MACC Act 2009, involving abuse of power related to remuneration, branding fees, and private placements between 2012 and 2021.
The 'Tan Sri' was summoned to the MACC headquarters for questioning on May 5 and 6.
A total of 83 bank accounts belonging to five individuals and 15 companies, involving approximately RM158.26 million, have been frozen.
On March 14, the MACC opened two investigation papers following reports of alleged money laundering and misappropriation linked to Sapura Energy when the company was known as SapuraKencana.
On March 20, graft busters visited Sapura Energy's office at Menara PNB in relation to the two investigations.
The company said it is fully cooperating with the agency and will provide the necessary information.
Prior to the investigation, Sapura Energy had consistently been one of the most actively traded stocks on the exchange, following a RM1.11 billion investment from the Minister of Finance Incorporated and creditors' approval for debt restructuring.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


The Star
21 minutes ago
- The Star
ITMAX new AI growth pillar a positive for company
PETALING JAYA: ITMax System Bhd 's latest artificial intelligence (AI) initiative, the 'Digital Twin' project, could generate a potential revenue of RM15mil to RM20mil per year. The 'Digital Twin' project involves the creation of a virtual 3D replica of Kuala Lumpur complete with buildings, road infrastructure and even slope analysis. This new growth pillar leverages ITMAX's data collection strengths, said Maybank Investment Bank Research (Maybank IB). The project will enable real-time simulation by authorities to enhance urban planning efficiency and is expected to be completed in December 2025, with monetisation targeted for financial year 2026 (FY26). After its meeting with ITMAX, Maybank IB came away feeling positive on the prospects of its core CCTV offering and its latest AI-enabled growth pillar. The research house maintains its FY25-FY27 earnings forecast. It retains its 'buy' rating on the stock with a target price of RM4.50. The shares closed at RM3.71 at the time of writing. The risk factors cited include the loss of subsisting contracts with the Kuala Lumpur City Hall (DBKL) to another competitor. It also includes higher-than-expected cost drag related to its expansionary initiatives, and a significant reduction in DBKL's operating budget that may impede continuity of existing contracts, as well as potential variation orders. However, ITMAX remains the research house's top Malaysian software pick for its robust growth offering and leading position as Malaysia's go-to smart city player. Having thus far secured contracts for 1,640 CCTVs across four Greater Johor Baru (GJB) districts, Maybank IB understands that Johor has adopted a single supplier policy for its smart city infra. This implies a 'when' rather than 'if' scenario for ITMAX securing CCTV contracts for the remaining 12 districts in the state. ITMAX is already in active discussions with Pengerang, Batu Pahat and Muar. The four GJB districts are also looking to increase CCTV installations ahead of a ramp-up in the Johor-Singapore Special Economic Zone economic activity. Maybank IB currently imputes a modest 2,000 CCTVs in Johor in FY25/FY26, but based on its sensitivity analysis, every additional 1,000 CCTV units installed in Johor could uplift ITMAX's core earnings by about 2.4% to 3.6% for FY25-FY27. Outside Johor, ITMAX'S CCTV prospects appear equally bright. DBKL has mandated for Kuala Lumpur to have 20,000 CCTVs by end-2028, implying a minimum 10,000 additional CCTVs over the next three years, which has been included in its forecasts.


The Star
21 minutes ago
- The Star
Cuckoo International cuts IPO price
SINGAPORE: Household goods maker Cuckoo International has reduced its Malaysian initial public offering (IPO) price by 16.3% to RM1.08 a share from RM1.29, a stock exchange filing showed yesterday. That would reduce the size of its IPO to about RM394mil from around RM471mil. Cuckoo International in April postponed the listing by two months citing global market volatility. The IPO, initially planned for April 30, is scheduled for completion by June 24. Cuckoo International is 62.5% owned by South Korea-listed Cuckoo Homesys, its IPO prospectus showed. In its draft prospectus, the company said it intends to allocate a significant portion of its IPO proceeds to fund product purchases for the expansion of its rental business. 'The growth of our rental business is dependent on the availability of cash flows to fund our purchase of products and pay our commissions.' — Agencies


The Star
2 hours ago
- The Star
Asean News Headlines at 10pm on Wednesday (June 11, 2025)
Malaysia * Vertical schools in housing projects to help reduce transport costs, says PM Anwar * Gerik bus crash: School to prepare report on teacher's offensive remarks on students' deaths, says state govt * Gerik bus crash: Tourism ministry calls for return of regulatory power over sector's transportation * Your vaccine from 2021 is not enough: Expert says Covid-19's threat remains * Companies subject to new SST if they reach RM500,000 revenue threshold within 12 months, says Finance Ministry * Influencer raises alarm over FB group circulating photos of underage students * Sabah woman sues KJ, govt over what she claims is wrongful Covid-19 enforcement * Three people lose over RM80,000 to lucky draw scam * Student who used hot iron on sleeping dorm mates sent to Henry Gurney School * Gerik bus crash: PTPTN loans of 13 UPSI students killed in accident fully settled, says Zambry * Court sets Aug 19 for decision in activist's appeal over challenge to online speech law * Local trio, foreign woman detained for holding three men against their will * Sukuk misuse case: Tan Sri quizzed by MACC for six hours * No electricity surcharge for Sabah, Labuan users until year-end * National Day 2025 to be launched in Johor, Malaysia Day 2025 in Penang * Court postpones decision on Lahad Datu vocational college murder case to July 23 * Four charged in Sabah for alleged role in multi-million ringgit investment scam * Gerik bus crash: Company's permit revoked with immediate effect, says Loke * George Town's heritage status safe, says Penang exco member * Man, 62, nabbed over alleged sexual assault on underage girl in Lahad Datu * 'Still Live' series in KL creates a shared space for sound and sketch * Permanent border wall seen as solution to smuggling in Kelantan, says police chief * Woman swept away by strong currents after car plunges into river found drowned * Sugar, rice and selected imported foods exempt from expanded SST, says Finance Ministry * Malaysia commits to more reforms, solidarity in labour rights agenda, says Steven Sim * Imported fruits hit with 5% tax under new SST rules * Sukuk misuse case: MACC records Tan Sri's statement * Cops find RM4.67mil worth of meth and ketamine in abandoned car in Gerik * Gerik crash: Cops advise bus driver not to make public comments * Preserving historic sites essential for cultural and economic growth, says activist * What are the items you will have to pay extra taxes for from July 1? * Industry concerns over expanded SST Singapore * Man arrested for allegedly shoplifting twice in Singapore's Changi Airport transit area * Passengers reschedule travel plans and seek refunds following Jetstar Asia's abrupt closure * Removal of mandatory minimum sentences for some dangerous driving offences in Singapore to kick in from Thursday (June 12) * Singaporean woman given six months' jail in Taiwan for stalking singer, threatening her online * World acclaimed singer Maher Zain makes long-awaited return to the region with a South-East Asia Tour 2025 * Drug trafficker in Singapore avoids death penalty by 0.01g, sentenced to 31 years' jail * Sacked Mediacorp employee arrested for voyeurism * Second round of Pofma sanctions for owner of The Online Citizen's website, social media accounts * National Trades Union Congress exploring options to match retrenched Jetstar Asia staff to roles at SIA Group: Labour chief * Qantas says Singapore airport fee hikes fuelled Jetstar Asia cut * Jetstar Asia closure: Here's what customers need to know * Jetstar Asia to cease operations from July 31, over 500 employees in Singapore affected Indonesia * Dozens arrested for Indonesian love scam ring targeting American men * Indonesia nears trade deals with EU, Eurasian bloc * Drone drops drugs into Indonesian prison * Businesses grapple with Bali's single-use plastics ban * Alleged laptop procurement graft puts ex-minister Nadiem in spotlight * Suspected fatal bullying cases in Indonesia highlight growing violence issue in schools * Govt revokes mining permits in Raja Ampat after outcry Thailand * Thai Foreign Minister champions bilateral talks with Cambodia * Female Thai police colonel accused of trafficking sedative drugs since 2022 * Thai defence minister unfazed by Cambodia's ICJ plan, says Thailand ready with response measures * Vietnamese 'romance scammers' busted in Thai luxury villa raid * Thai police to suspend female doctor over illegal sedative trafficking * Thailand's former Prime Minister Suchinda Kraprayoon, who cracked down on 1992 protests, dies at 91 Philippines * 'No one can stop' Sara Duterte impeachment trial: Philippine House prosecutors * The rise and fall of Joseph Estrada: From people's champion to disgraced Philippine president * Philippines exits EU 'high-risk' dirty money list * Filipino actor Miko Gallardo opens up about past rape, alleged blackmail * Senators return impeachment case against Sara Duterte to the Philippine House Vietnam * Patients with public health insurance suffer long waits at hospitals * Vietnam talks to Gap, Levi Strauss in battle to head off Trump tariffs * Qualcomm launches AI R&D centre in Vietnam * Vietnamese animation levels up with dual dialect debut Myanmar * UN envoy to Myanmar warns that violence puts country on 'path to self-destruction' * Toxic Thailand rivers pinned on Myanmar mines * Myanmar rebels claim to have shot down a fighter jet being used by military to attack ground targets Cambodia * Climate 'greenwashing' will harm Cambodian workers, suggests new report * Cambodia's economy shows resilience amid global uncertainty: World Bank * Tourism ministry shares details of Cambodia-China Tourism Year events * Cambodia moves forward with ICJ case over border dispute with Thailand * Anti-tank mine blast kills tractor driver in western Cambodia: official * Cambodia-Thailand border talks drag on Laos * Laos records US$56mil trade surplus in April * Chinese firm to undertake Lao agriculture and forestry development project * China Aircraft Corporation requests majority stake in Lao Airlines as govt seeks partnership Brunei * Brunei hosts first national conference for persons with different abilities * From battlefield to brotherhood in Brunei Aseanplus * Trump says China will supply rare earths in 'done' trade deal * Deal 'is done', says Trump, as China and US trade truce gets back on track after London talks * 5.9-magnitude quake rattles Taiwan * HK actor Louis Koo visits Penang for the first time, promises to return in the future: 'I've fallen in love' * Asean nations brace for Trump tariffs with bold stimulus packages * People's Liberation Army officer rescues five people from drowning in Henan, China * Actor Shaun Chen saves more after moving family from Singapore to Johor: 'Upgraded my lifestyle' * Meghalaya honeymoon murder: New bride devised two plans to kill husband, bad weather forced her to shelve 'plan A', switch to 'plan B' * Chinese soldier, famed for striking resemblance to top actress Dilraba, is elite sniper * Hong Kong advocates on why church sex abuse cases take time to surface * Malaysia to pioneer Asean TVET accreditation, says Zahid * Ringgit rebounds as US dollar weakens despite optimism over trade talk * US arrests another Chinese scientist with no permit to send biological material * Rising young talents MUAH! returns with second single titled 'Kajang', a taste of young life in Malaysia and South-East Asia * South Korean military suspends loudspeaker broadcasts against North Korea in border area * Tengku Zafrul to visit Washington on June 18 for tariff talks * Samyang Foods completes plant expansion amid growing demand for Buldak spicy ramyeon * Asean TVET Council must chart a clear path forward, says Zahid * Fuel prices June 12-18: Unchanged across the board * Australian murder suspect denies drying deadly mushrooms * Fans greet K-pop stars Jimin and Jung Kook of BTS upon discharge from military service * Sri Lanka hikes household power tariffs by 15 per cent, power regulator says * Season 3 of 'Squid Game' more intense than ever, director hints at possible spin-offs * Bangladesh issues travel warnings as Covid-19 infections rise in neighbouring countries * China stocks near 3-week high as Sino-US trade truce sparks optimism * AirAsia close to buying at least 100 Airbus jets in shift to A220, sources say * Man carries daughter through 12 years of school to gaokao * Kazakhstan says China's Xi to visit for Central Asian summit * Price wars eroding auto industry profits * MyCert: Malaysia data breaches up 29% in Q1 2025 * Malaysia records approved investments of US$21bil in 1Q * Rare earths: China's trump card in trade war with US * FBM KLCI rises at midday on U.S.-China trade optimism * Harimau Malaya roar with 4-0 win against Vietnam after TMJ pep talk * Comment: Why do the young woo Labubu? * May was world's second-hottest on record, EU scientists say * Pakistan raises defence budget 17% in boost for Chinese weapons suppliers * Asian equities rally after China-US framework on trade * South Korea's new President Lee Jae-myung asks citizens to recommend Cabinet members * Part toy, part fashion: How did Labubu get so popular? * US, China reach deal to ease export curbs, keep tariff truce alive * Najib's RM27mil money laundering trial to proceed, AGC rejects review request * Sony's bet on sports pays off with AI line judges at Wimbledon * Tesla's public robotaxi rides set for tentative June 22 start, CEO Musk says * Malaysia and the UN High Seas Treaty: What's next? * Pentagon chief vows to honor US-Australia sub deal * FBM KLCI rebounds in early trade on U.S.-China trade optimism * Ringgit opens higher against greenback as US-China trade talks resume * Hong Kong actress Crystal Fung denies rift with fellow celeb Louisa Mak * China's Li says US-China reach framework on trade, will report back to leaders * Out of the army and back to ARMY * HK to tighten national security scrutiny of restaurants * Frigate arrives in Australia as Tokyo bids for defence deal * Fire near Jogye temple halted, treasures spared * China extends hand to Korea * Smuggler stopped with spiders, birds and possums * Billionaire to plead guilty * Chong Wei advises injured Ng to seek treatment overseas * Penang's call for mindful tourism * Rexy wants to see Man-Tee become hardy boys * Grab eyes US$1.25bil bond sale for acquisitions * China bans bank from luring depositors with gifts * Banks expect one cut in OPR in 2H25 * Capital A is in the final stages of its PN17 exit plan, says Fernandes