KUALA LUMPUR: Icon Offshore Bhd has granted chief executive officer (CEO) Dr Jamal Yusof and chief operating officer (COO) Rahman Yusof a six-month leave of absence to focus on assisting in ongoing investigations by the Malaysian Anti-Corruption Commission (MACC).

In a filing with Bursa Malaysia yesterday, Icon Offshore (fundamental: NA; valuation: NA) said deputy CEO Hassan Ali will lead the company while both Jamal and Rahman are on leave.

“The CEO and COO of the company have sought and been granted leave of absence for a period of up to six months beginning April 27, 2015, to enable them to focus on assisting the relevant authority in the ongoing investigations,” the filing read.

“In their absence, the board has agreed that Hassan Ali, the current deputy CEO, will assume the leadership position and continue to discharge all responsibilities of the CEO of the company, as earlier announced,” it said.   

Icon Offshore reiterated that it takes serious exception to any breaches in policies and integrity, and as part of its active stewardship of the company, will, if later found appropriate, undertake a comprehensive review of any allegations made and seek to further enhance corporate governance within the company, going forward.

Separately in a statement yesterday, Icon Offshore reassured shareholders and business partners as well as its 300-strong workforce that business operations remain unaffected by the current challenges and continue as usual.

Last Wednesday, the oil and gas services-related company had informed Bursa that Jamal and Rahman had been remanded to “facilitate and assist” in investigations currently being conducted by the MACC.

Icon Offshore, which is 42% owned by Ekuiti Nasional Bhd (Ekuinas), had affirmed its commitment then to uphold its corporate values that promote integrity throughout the entire company.

Ekuinas had also in another statement said that it took any breaches in policies and integrity within its portfolio companies seriously, and supported the position of Icon Offshore’s board that it would not hesitate to take appropriate action as and when necessary, if any breach was found.

Ekuinas had also said it will assist MACC in any investigations, if required.

Jamal, who is Rahman’s younger brother, ceased to be a substantial shareholder of Icon Offshore on March 9, according to filings with Bursa. However, the statements did not indicate his equity interest after selling one million shares or a 0.08% stake on that date. He had continued to pare down his stake after that, selling some 6.2 million shares or a 0.53% stake from March 10 to April 21.

In February, Icon Offshore clinched six out of the eight packages being offered by Petronas Carigali Sdn Bhd, under the latter’s umbrella contract for the provision of spot charter marine vessels.

Icon Offshore had said then that it expected these contracts to bolster its order book, which stood at RM760.2 million at the time.

Icon Offshore shares closed 2.5 sen or 2.42% lower yesterday at 60.5 sen, with a market capitalisation of RM729.85 million.

This article first appeared in The Edge Financial Daily, on April 29, 2015.