Petronas Should Take Over Sapura Energy Forensic Audit Must Be Done

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Umno president Ahmad Zahid Hamidi said he believes that national oil firm Petronas should rescue the debt-straddled Sapura Energy Bhd via a takeover, as earlier suggested by former prime minister Najib Abdul Razak.
However, Zahid said he also agreed that a forensic audit must be conducted on Sapura Energy, as proposed by opposition leader Anwar Ibrahim.
Speaking during Umno’s extraordinary general meeting (EGM) today, Zahid said Umno wants to continue bolstering the Malay bumiputera agenda, which includes strengthening bumiputra agencies like Permodalan Nasional Berhad (PNB), Lembaga Tabung Haji, Felda and Mara.
Former prime minister Najib Abdul Razak“As highlighted in the debate between two political leaders four days ago, companies that have had PNB join its equity holdings such as Sapura Energy with more than 10 million in shares, Amanah Saham Nasional (ASN) also has stakes that must be protected.
“PNB had invested a total of RM5 billion. The company hires more than 10,000 in the workforce and more than 3,000 vendors are involved.
“Without using the government’s direct funds, Petronas is suitable to take over and perform a turn-around as quickly as possible.
“However, we agree that a forensic audit must be conducted so that it is more transparent,” Zahid said in his speech today.
On May 12, Najib and Anwar had debated against each other over Sapura Energy as well as other current affairs.
Financially-troubled Sapura Energy is a public-listed firm but has substantial investments from the government, including PNB, through various government trust funds such as Amanah Saham Bumiputera and Amanah Saham Wawasan. - Mkini

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