KUALA LUMPUR (Sept 12): Vantris Energy Bhd (KL:VANTNRG), formerly known as Sapura Energy Bhd, has denied that it is the subject of a Malaysian Anti-Corruption Commission (MACC) investigation, following the agency’s announcement that it will forfeit RM12 million linked to funds allegedly misused by an undisclosed party in 2018.
Vantris has not been informed of any allegations against the company or its current officers and directors, the company said in a filing with Bursa Malaysia on Friday, adding that its operations and financial activities are not affected.
“We wish to clarify that Vantris Energy is not the subject of any MACC investigation. We wish to assure our clients, partners and stakeholders that our operations and financial activities, including access to our assets and bank accounts, remain unaffected,” the oil and gas services company said.
"As a responsible corporate entity, Vantris Energy has fully cooperated with the MACC in the past and remains committed to providing any further assistance required by the authorities," it added.
The clarification came after the anti-graft agency's chief commissioner, Tan Sri Azam Baki, said on Tuesday that RM12 million belonging to Sapura Energy, now Vantris, would be forfeited and returned to the government.
The forfeiture followed a settlement between prosecutors and the lawyer representing the party alleged to have misused the funds, Azam added.
The RM12 million forfeiture is part of a wider probe into alleged abuses at Sapura Energy, which has been the focus of multiple investigations since late 2023. In March, the MACC raided the group’s headquarters as part of an inquiry into alleged bribery and fund misappropriation.
The MACC’s probes centre on suspected corruption, money laundering and governance weaknesses involving Sapura Energy between 2012 and 2021. This includes alleged abuse of power regarding remuneration packages — salaries, bonuses, and share allocations — as well as branding fees and private placement transactions.
Azam also confirmed on Tuesday that a separate investigation is ongoing into an alleged US$3.3 million (RM14 million) bribery by a Brazil-based company to “a CEO” in 2011, when Sapura Energy was known as SapuraCrest Petroleum Bhd, prior to its merger with Kencana Petroleum Bhd.
Sapura Energy rebranded itself as Vantris Energy on Aug 1, following shareholder approval of a restructuring and regularisation plan aimed at lifting the company out of Practice Note 17 status.
The plan, backed by a RM1.1 billion injection from the Ministry of Finance-owned Malaysia Development Holding Sdn Bhd, will halve the company’s debt to RM5.6 billion, cut annual interest expenses by 60%, and consolidate shares on a 20-to-one basis.
Group chief executive officer Muhammad Zamri Jusoh said at the time that the new identity symbolises a “fresh chapter” for the company.
At market close on Friday, Vantris Energy shares fell 2.5 sen or 4.46% to 53.5 sen, giving the company a market capitalisation of RM491.55 million.
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