MACC probes Sapura Energy over claims of bribery, misappropriation

Summary

• MACC is investigating alleged bribery and misappropriation at Sapura Energy.

• MACC chief commissioner Azam Baki says the MACC has opened two investigation papers over the matter.

• The investigation is being conducted under the MACC Act 2009 and the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.

The MACC is investigating alleged bribery and misappropriation in connection with Sapura Energy Bhd.

The New Straits Times reported Azam Baki as saying the MACC has opened two investigation papers over the matter.

The investigation is being conducted under the MACC Act 2009 and the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001, Azam said.

A source told NST that the investigation was kickstarted by preliminary enquiries the MACC initiated towards the end of 2023, when it also looked into claims related to Sapura Energy.

"The investigation papers focus on money laundering activities and misappropriation related to claims from around 2018, when the company was known as Sapura Kencana Petroleum Bhd.

"The investigation will also include governance weaknesses and management shortcomings," said the source.

‘Investment’

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.

Yesterday (March 13), Prime Minister Anwar Ibrahim revealed an overhaul of Sapura Energy's top leadership as it was one of Putrajaya’s conditions prior to channelling the RM1.1 billion into the financially strapped company.

Anwar, who is also the finance minister, insisted that the cash injection was not intended to be a bailout to “save” the company and its top executives.

Sapura Energy landed into trouble around the mid-2010s when tumbling oil prices caused the company to start racking up losses and debt.

By 2019, the company's problems had grown to the point that it was starting to record losses every year.

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