Thursday 28 Mar 2024
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(May 20): The Malaysia Anti-Corruption Commission today arrested a former Tanjung Offshore Bhd executive director to facilitate investigations into a graft probe.

The former director was among four people who were called to the MACC's headquarters in Putrajaya this evening to have their statements recorded in relation to a graft probe in a purchase of Tanjung Offshore subsidiary Gas Generators (M) Sdn Bhd (Gastec) in 2013, sources close to the investigation said.

MACC is expected to obtain a remand order on the former director tomorrow. The other three  were released after MACC seized documents from them and recorded their statements.

Tanjung Offshore had acquired the remaining 49% equity interest or 2.35 million shares in Gastec for RM34.3 million cash in October 2013. Gastec is involved in the manufacturing of gas generators for the industrial, and oil and gas industries.

According to The Star Online, there were reports indicating that Tanjung Offshore had paid too high a price for Gastec, but Tanjung Offshore had previously said that the purchase price was arrived at on a "willing buyer-willing seller" basis.

The investigation into Gastec was among a few cases involving Tanjong Offshore that MACC is investigating.

Tanjung Offshore is also being questioned over the acquisition of property in the United Kingdom for RM58.07 million.

It was reported that the single largest shareholder of Tanjung Offshore is Lembaga Tabung Haji, with a 7.99% stake. Its other substantial shareholder is Tan Sri Tan Kean Soon, who owns close to 6% based on filings as of October. – The Malaysian Insider

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