Latest news with #RM158.26
![[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](/_next/image?url=https%3A%2F%2Fassets.nst.com.my%2Fassets%2FNST-Logo%402x.png%3Fid%3Db37a17055cb1ffea01f5&w=48&q=75){kind=small}
New Straits Times
09-05-2025
- Business
- New Straits Times
[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.
![[UPDATED] Sapura shares probe: Tan Sri also investigated for CBT, misappropriation of funds](/_next/image?url=https%3A%2F%2Fassets.nst.com.my%2Fimages%2Farticles%2Fmamamacctans2_NSTfield_image_socialmedia.var_1746696778.jpg&w=3840&q=100)
New Straits Times
08-05-2025
- Business
- New Straits Times
[UPDATED] Sapura shares probe: Tan Sri also investigated for CBT, misappropriation of funds
PUTRAJAYA: The Malaysian Anti-Corruption Commission (MACC) has launched an investigation into a prominent corporate figure with the title of "Tan Sri" for criminal breach of trust and misappropriation of funds involving Sapura Energy Bhd. A source said the investigation is focused on several investments made after the merger of SapuraKencana Petroleum Bhd and SapuraCrest Petroleum Bhd, which later became Sapura Energy. Searches were carried out at several locations, including Sapura@Mines, Menara Permata Sapura, home to Sapura Holdings Sdn Bhd, and the individual's residences in Selangor and Kuala Lumpur. The source said the probe focuses 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. "No arrests have been made as of today," the source said. He said a total of 83 bank accounts belonging to five individuals and 15 companies, involving approximately RM158.26 million, have been frozen. He said governance- and compliance-related investigations will also be carried out as part of the ongoing probe. The New Straits Times has reached out to Sapura Holdings for comment. 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 was fully cooperating with the agency and would provide the necessary information. Prior to the investigation, Sapura Energy had consistently been one of the most active stocks on the exchange, following a RM1.11 billion investment from the Minister of Finance Incorporated and creditors' approval for debt restructuring.
Malaysian Reserve
08-05-2025
- Business
- Malaysian Reserve
MACC investigates Tan Sri for laundering money linked to Sapura Energy shares
THE Malaysian Anti-corruption Commission (MACC) has opened an investigation paper against a corporate figure with the title 'Tan Sri' for suspected involvement in money laundering practices involving the ownership of Sapura Energy Bhd shares worth more than RM500 million. A source close to MACC told The Malaysian Reserve (TMR) that the investigation focuses on elements of corruption involving several investments after the merger of Sapura Kencana Petroleum Bhd (SKPB) and Sapuracrest Petroleum Bhd, which was later known as Sapura Energy. 'The focus of the investigation is on offences under section 23 of the MACC Act 2009, namely the offence of abuse of power in the issue of remuneration (salary, bonus and shares), branding fees and private placement from 2012 to 2021,' said the source. 'The source also revealed that the 'Tan Sri' was summoned to the MACC headquarters on May 5 and 6 to provide a statement, though no arrests have been made to date. 'A total of 83 bank accounts belonging to five individuals and 15 companies involving a value of approximately RM158.26 million have been frozen following this investigation,' added the source. Sapura Energy courted controversy in 2018 when Permodalan Nasional Bhd (PNB), Malaysia's biggest unit trust fund, subscribed to its RM3 billion ordinary share issuance and RM1 billion Islamic redeemable convertible preference shares, becoming its single largest shareholder. In March this year, the government injected RM1.1 billion into Sapura Energy, specifically announced as a funding to settle outstanding debts to over 2,200 local vendors. — TMR
