Did govt conduct due diligence before Sapura Energy bailout, PAS MP asks

Summary

• Bachok MP Syahir Sulaiman today demands the federal government answer several questions regarding its decision to inject RM1.1 billion into Sapura Energy Bhd.

• Among others, he wants to know whether Putrajaya has carried out thorough due diligence on the oil and gas company.

• The PAS leader also suggests the issue be referred to the Parliament's Public Accounts Committee.

An opposition MP today demanded that Putrajaya explain whether it has carried out a proper due diligence study before injecting RM1.1 billion into Sapura Energy Bhd.

Syahir Sulaiman, who is Bachok MP from PAS, also asked the government to state what guarantee Sapura Energy has given to ensure they comply with all the conditions set for the "bailout package".

"Has the Finance Ministry or Permodalan Nasional Bhd (PNB) carried out a thorough due diligence study and forensics auditing on Sapura Energy?

"Who are the independent auditors appointed for this, when were they appointed, and what are the scopes they cover?

"What kind of guarantee has the Sapura Energy top management, board of directors and shareholders given on their commitment to fulfill all conditions that have been set in the RM1.1 billion investment and loan agreement?" he asked in a statement.

Syahir demanded that Prime Minister Anwar Ibrahim explain whether the money pumped into Sapura Energy came from the country's annual budget for 2025.

He also suggested that the issue be referred to the Public Accounts Committee for an independent review.

On Tuesday, Sapura Energy informed Bursa Malaysia that it had received RM1.1 billion as an investment from Malaysia Development Holding Sdn Bhd (MDH) - a special purpose vehicle under the Minister of Finance (Incorporated).

The investment is to be exclusively used to pay off the oil and gas company's debts to its 2,000 vendors.

The government's move to inject funding into Sapura Energy has sparked an intense debate between the government and opposition leaders, including whether it should be called a bailout.

Government spokesperson Fahmi Fadzil had stressed that the financial injection was a "strategic investment" and differed from bailouts offered by previous administrations, particularly during former prime minister Dr Mahathir Mohamad’s era.

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