PUTRAJAYA (June 25): The Malaysian Anti-Corruption Commission (MACC) on Wednesday said it is still investigating two separate cases involving Sapura Energy Bhd (KL:SAPNRG) — the potential misuse of RM12 million in company monies from 2018 and a US$3.3 million (RM14 million) bribery case from 2011.
According to MACC chief commissioner Tan Sri Azam Baki, the anti-graft body’s first probe into Sapura Energy concerns the potential misuse of RM12 million by certain parties.
“The investigation is ongoing and we are investigating whether the RM12 million (in question) is an offence under Section 23 [of the MACC Act],” Tan Sri Azam Baki told the press on Wednesday.
Section 23 of the MACC Act makes it illegal for someone to misuse their position in a public body for personal gain.
If a public body controls a company, that company is also treated as a public body under the law.
Azam explained that the investigation focuses only on events in 2018, when Permodalan Nasional Bhd (PNB) invested in Sapura Energy. Azam explained that any fund misuse during that period could be considered an offence under Section 23 of the MACC Act or other relevant laws in the Penal Code.
Statements from 15 witnesses have been recorded and no arrests have been made so far, Azam said.
The MACC is also running a separate probe involving allegations of bribery by a company based in Brazil to "a CEO" back in 2011, when Sapura Energy was known as SapuraCrest Petroleum Bhd.
SapuraCrest merged with Kencana Petroleum Bhd in 2012 to form SapuraKencana Petroleum Bhd, which was later renamed to Sapura Energy in 2017.
“The second case involves the payment of bribes by a foreign party to a CEO in 2011 for the purpose of obtaining a project for the said company issued by Sapura Energy,” Azam said.
He said the case involves US$3.3 million (RM14 million) in bribes, which were paid to an “agent” in the Netherlands, before the funds were channelled to Singapore.
As the money trail involves foreign legal jurisdictions, Azam said the investigation will require mutual legal assistance from the relevant countries and will take time.
According to earlier reports, the MACC is also investigating suspected money laundering involving over RM500 million in Sapura Energy shares. The focus is on possible corruption linked to investments made after Kencana Petroleum and SapuraCrest Petroleum merged. The investigation, under Section 23 of the MACC Act 2009, looks into abuse of power involving pay, bonuses, shares, branding fees and private placement deals from 2012 to 2021. Azam, however, did not make mention of this during the press meet.
At the time of writing, shares in Sapura Energy were up four sen, valuing the company at RM735.04 million.