KUALA LUMPUR (Jan 17): Scomi Energy Services Bhd (SESB), the 65.64%-owned unit of Scomi Group Bhd, clarifies today that its parent owes it RM47.83 million, and not just RM28.44 million.

The total outstanding sum comprises RM19.39 million in relation to a shared service agreement, and RM28.44 million worth of advances that Scomi Group still owes SESB under related party transactions (RPTs) as at end-2018. SESB had initially advanced RM44.94 million to Scomi Group under the RPTs.  

“Of the total of RM64.33 million which comprises the advances and monies due under the shared service agreement between the company and Scomi Group, the sum remaining unpaid by Scomi Group is RM47.83 million,” SESB said. 

SESB has provided the RPT advances and the shared service agreement to Scomi Group between June 2016 and June 2018.

On Jan 11, SESB announced it has initiated an investigation over the advances on grounds that they were done without board and audit committee approval. The investigation should conclude by end-April, it said. 

Shares of Scomi Energy closed unchanged at five sen, giving it a market capitalisation of RM117.09 million.

Scomi Group shares slid half a sen or 9.09% to five sen today, giving it a market capitalisation of RM54.7 million.