PAS, Umno leaders call for Sapura audit to be made public

PAS, Umno leaders call for Sapura audit to be made public

PETALING JAYA: A top PAS member and an Umno leader have called on the government to make public the findings of Sapura Energy Berhad’s forensic audit, following plans to invest RM1.1 billion into the integrated oil and gas services company.

PAS information chief Ahmad Fadhli Shaari questioned why the report of the audit on Sapura – which Prime Minister Anwar Ibrahim said was carried out – had not been published.

At present, Fadhli said there was no concrete evidence that an audit had been carried out by Ernst & Young.

“If an audit was indeed carried out, the leakages or fraudulent misstatement would have been detected,” he said in a statement, adding that such audits were more than just assessing the financial statements but to uncover possible fraudulent activities.

Earlier today, Anwar denied backtracking on his stance on corporate bailouts following the government’s RM1.1 billion investment in Sapura.

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He said the decision was made only after a forensic audit was done to identify issues within the company.

“We did not give a single sen to Sapura itself – this is for the 2,000 vendors who have contributed to the industry. Why should they be punished?” he said.

In a Bursa filing on Tuesday, Sapura said the finance ministry, via its special purpose vehicle, Malaysia Development Holding Sdn Bhd, would be subscribing to its redeemable convertible loan stocks worth RM1.1 billion.

According to The Edge, the funds have been earmarked exclusively for settling Sapura’s arrears with its vendors.

The government’s decision to inject the funds drew accusations that it had bailed out Sapura, a practice which Pakatan Harapan leaders had condemned during the coalition’s time in the opposition.

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Umno Youth chief Dr Akmal Saleh agreed with Fadhli that the audit report be made public.

“If there is wrongdoing on Sapura’s part, the company needs to be dealt with accordingly.”

Sapura’s financial troubles started in the mid-2010s due to falling oil prices, leading to annual losses and mounting debt.

In 2023, external auditors Ernst & Young flagged concerns over Sapura’s ability to continue operating.

Last month, the company secured creditor approval for a debt restructuring plan, which was cleared by the courts last Thursday.