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THE Malaysian Anti-Corruption Commission (MACC) has opened two investigation papers on Sapura Energy Bhd following allegations of corruption and misappropriation of funds.
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.
Sources said the investigations stemmed from preliminary inquiries initiated by the MACC at the end of 2023, which also involved claims related to the company.
“In addition to corruption, the investigation will focus on issues related to governance weaknesses and management shortcomings.”
Azam Baki said the investigation papers were opened under the MACC Act 2009 and the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.
“My officers have taken some documents from Sapura Energy and will be analysing them.
We may need to retrieve more documents later,” he said.
In a Bursa filing on Tuesday, Sapura Energy said the finance ministry, via its special purpose vehicle Malaysia Development Holding Sdn Bhd, would be subscribing to its redeemable convertible loan stocks worth RM1.1 billion.
SEB said that it had entered into a conditional funding agreement with MDH, a special-purpose vehicle of the Minister of Finance (Incorporated), as part of its financial restructuring efforts.
Prime Minister Datuk Seri Anwar Ibrahim said yesterday that the replacement of SEB chairman and senior management were among the conditions set by the government before providing the RM1.1 billion capital injection.
Anwar had said the funds were not intended to bail out individuals or the company's management, but were aimed at assisting vendors impacted by SEB's financial troubles. – March 14, 2025
