KUALA LUMPUR – The Malaysian Anti-Corruption Commission (MACC) is probing a high-profile businessman with the “Tan Sri” in connection with alleged money laundering involving over RM500 million worth of Sapura Energy Bhd (SEB) shares.
The ongoing probe centres around alleged financial irregularities related to shareholding arrangements and questionable transactions during the merger of Sapura Kencana Petroleum Bhd and Sapuracrest Petroleum Bhd, which later became SEB, local media reported.
According to an MACC source, investigators are scrutinising decisions made during and after the corporate consolidation, including investment flows and corporate governance practices.
MACC officers recently searched multiple premises as part of their investigation. These include residential properties in Kuala Lumpur and Selangor, as well as SEB-linked offices such as Sapura@Mines in Seri Kembangan, Menara Permata Sapura, and Menara PNB.
The agency’s inquiries reportedly cover a broad scope of alleged offences, from abuse of power involving executive compensation—such as bonuses, salaries, and share allocations—to possible misconduct related to branding expenses and private placements carried out between 2012 and 2021.
Investigators are also examining allegations of criminal breach of trust, fund misappropriation, and fraud, which fall under the Penal Code.
So far, no arrests have been made, though the businessman was summoned to the MACC headquarters for questioning on May 5 and 6.
MACC has also frozen 83 bank accounts linked to five individuals and 15 companies, amounting to approximately RM158.26 million.
These developments follow reports from March that the commission had opened two investigation papers based on allegations of bribery and misappropriation involving the oil and gas company.
SEB, in a previous filing on Bursa Malaysia, affirmed its full cooperation with MACC and pledged transparency in supporting the investigation.
The company also assured stakeholders that its operations would continue unaffected and that updates would be provided when appropriate. – May 8, 2025