Three years ago, Anwar Ibrahim criticized the proposed bailout of Sapura Energy Bhd, insisting that any financial aid should only be considered after a forensic audit. Now, as Prime Minister and Finance Minister, Anwar has approved a RM1.1 billion injection into Sapura through Malaysia Development Holding Sdn Bhd (MDH), a special-purpose entity under the Ministry of Finance Incorporated.
Sapura Energy bailout?
The public is now told the funds will be used to settle debts owed to 2,000 Sapura vendors, mostly small and medium enterprises. While it remains unclear whether a forensic audit was conducted, Sapura is currently undergoing a comprehensive due diligence process as part of a restructuring plan.
In a Bursa filing yesterday, Sapura Energy announced that it had received a RM1.1 billion investment from Malaysia Development Holding Sdn Bhd (MDH), a special-purpose entity under the Ministry of Finance Incorporated.
Source: MKINI
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