Sapura Energy under scrutiny: MACC opens two investigation papers

PETALING JAYA: Graft investigators have opened two investigation papers on Sapura Energy Bhd following allegations of corruption and misappropriation of funds, says the Malaysian Anti-Corruption Commission (MACC).

Confirming this, its chief commissioner, Tan Sri Azam Baki, said that the investigation would also examine whether money laundering was involved and the issue of governance within the company.

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“My officers have taken some documents from Sapura Energy and will be analysing them.

We may need to retrieve more documents later,” he said when contacted on Friday (March 14).

It was learnt that MACC launched its investigation after receiving information on the allegations involving the company.

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Azam said that officials from Sapura Energy would be called for their statements.

“But for now, investigation officers will want to focus on the contents of documents before they call up anyone,” he added.

Prime Minister Datuk Seri Anwar Ibrahim had said that the RM1.1bil capital injection into Sapura Energy was not a bailout but was specifically for paying the company’s debts to vendors.

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This involves 2,000 local oil and gas SNEs, most of which are bumiputra companies.

Anwar had said that due diligence and conditions, including a complete restructuring of Sapura’s top management, were conducted before the capital was injected.

Sapura Energy announced in a filing with Bursa Malaysia on Tuesday (March 11) that government-owned investment company Malaysia Development Holding Sdn Bhd would subscribe to its redeemable convertible loan shares.