Govt demanded Sapura Energy management change before RM1.1bil injection, says PM

 

Prime Minister Anwar Ibrahim said that the primary objective of the investment into Sapura Energy Bhd is to assist its 2,000 vendors, 80% of whom are Bumiputera entrepreneurs. (Bernama pic)

PUTRAJAYA: 

The government had set several conditions, including requiring Sapura Energy Bhd’s (SEB) senior management to step down before approving a RM1.1 billion investment for the firm, said Prime Minister Anwar Ibrahim.

Anwar, who is also the finance minister, stressed that this measure is not intended as a bailout for the major corporation or its top executives, as alleged by certain parties.

Instead, he reiterated that the primary objective of the investment is to assist 2,000 vendors of SEB, 80% of whom are Bumiputera entrepreneurs.

“The chairman and senior management needed to step down and be replaced by a new management team. That was one of our conditions,” he said during the finance ministry’s monthly assembly.

Yesterday, government spokesman Fahmi Fadzil denied claims that the finance ministry’s RM1.1 billion investment into SEB was a bailout.

Fahmi said that the money the government poured into the integrated oil and gas services company was a “strategic investment”. - FMT

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