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Audit report said to clear Tanjung officials’ names

A forensic audit report on Tanjung Offshore Bhd, which will be released soon, is expected to clear the company’s executive deputy chairperson Tan Kean Soon and board member Muhammad Sabri Ab Ghani of any financial irregularities.

Key findings of a forensic audit, undertaken by Ferrier Hodgson in March, show that they did not breach their fiduciary duties as alleged by an independent committee, a source told Bernama .

Both were suspended from their executive positions while retaining their directorships on Jan 28.

Tan, a substantial shareholder with a 7.68 person direct equity, was redesignated as executive deputy chairperson effective May 12, 2015.

The forensic audit contains Ferrier Hodgson’s (FH) conclusions on deals, which have come under the spotlight after various irregularities in some of the company’s deals were reported by minority shareholders and raised by Bursa Malaysia.

The Malaysian Anti-Corruption Commission (MACC) last week confirmed that a former Tanjung Offshore director has been detained to assist in investigations into the purchase of Gas Generators (Malaysia) Sdn Bhd.

Media reports have it that former group adviser and managing director Harzani Azmi was detained by MACC as part of an investigation into the alleged fraudulent acquisition of Gas Generators.

FH specialises in corporate advisory forensics, corporate recovery, and management consulting.

Tanjung Offshore’s shares closed 1.5 sen lower at 47.5 sen yesterday.

- Bernama

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