KUALA LUMPUR: Tanjung Offshore Bhd has withdrawn its civil suit against director Tan Sri Tan Kean Soon and related parties yesterday. This would mean it has dropped all lawsuits against Kean Soon and related parties. 

In a press statement yesterday, Tanjung Offshore (fundamental: 1.85; valuation: 0.60) said it has dropped the suit against Kean Soon, Muhammad Sabri Ab Ghani, Datuk Harzani Azmi, HMS Oil & Gas Sdn Bhd  (said to be connected to Kean Soon), Datuk Dr Nik Norzrul Thani N Hassan Thani and Datin Norhafizah Mohd Nordin.

Last Thursday, Tanjung Offshore announced to Bursa Malaysia that it had filed a civil suit at the Kuala Lumpur High Court against Kean Soon, Muhammad Sabri, Harzani and HMS alleging breach of duties.

In the suit, the company had specifically sought an order for Kean Soon, Muhammad Sabri, Harzani and HMS “to render an account and disgorge of all gains, benefits, enrichment or otherwise having arisen, accrued or been derived either directly or indirectly from their said breaches”, and demand that they pay special damages of RM1.07 million to Tanjung Offshore in relation to the “Bourbon Corporate Exercise”.

The company also said in a press release yesterday that Kean Soon has dropped his suit against Tanjung Offshore’s legal adviser Datuk Seri Krishna Kumar Sivasubramaniam, independent non-executive director Shahrizal Hisham Abdul Halim, executive director Eric Tan Wee Koh, corporate finance head Joachim Tan Seow Hoe, and corporate finance officer Khairil Annuar Mohd Said. 

Yesterday, Tanjung Offshore announced it had dropped its defamation suit against Kean Soon and five others, namely Nik Norzrul, Norhafizah, Datuk Rosman Hassan, Datuk Norazman Hamidun, Datuk Maheran Mohd Salleh and Tan Sam Eng.

This article first appeared in The Edge Financial Daily, on March 26, 2015.