Tanjung Offshore drops all suits against director Tan Sri Tan Kean Soon

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KUALA LUMPUR (Mar 25): Tanjung Offshore Bhd has withdrawn a legal suit against its director Tan Sri Tan Kean Soon and related parties.

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

Tanjung Offshore had last Thursday announced to Bursa Malaysia that it has filed a legal suit at the Kuala Lumpur High Court against Kean Soon, Sabri, Harzani and HMS for breach of duties.  

In the suit, Tanjung has specifically sought an order for Kean Soon, Sabri, Harzani and HMS (said to be connected to Kean Soon) “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”.

Also, according to today’s statement, 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 filed on Mar 12 against Kean Soon and five others, namely Nik Norzrul, Norhafizah, Datuk Rosman Hassan, Datuk Norazman Hamidun, Datuk Maheran Mohd Salleh and Tan Sam Eng.

Shares of Tanjung Offshore climbed 0.98% to close at 51.5 sen today, with a market capitalisation of RM195.22 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)