PUTRAJAYA: Prime Minister Datuk Seri Anwar Ibrahim has made it clear the RM1.1 billion government injection into Sapura Energy Bhd (SEB) is for restructuring— no handouts for shareholders or management.
Anwar underscored that the funding is exclusively intended to settle SEB’s outstanding debts with 2,000 local oil and gas vendors—most of them Bumiputera small and medium enterprises (SMEs).
“The previous major shareholders are no longer involved in SEB’s management.
“A new professional team has been put in place to spearhead the restructuring,“ said the prime minister in a statement issued after the Finance Ministry’s monthly assembly.
Anwar stressed that the funds aimed at protecting local workers who have gone unpaid for months and at preserving Malaysia’s oil and gas ecosystem.
He assured that the capital injection would not serve as a bailout for SEB’s shareholders or former executives.
“This RM1.1 billion injection is specifically for paying SEB’s debts to vendors. It is not a handout to shareholders or a lifeline to the company’s previous management.”
Anwar also revealed that rigorous financial scrutiny, including audits and due diligence, would be done before finalising the restructuring plan and capital injection.
Findings from these assessments will be shared with enforcement agencies, including the Securities Commission, to determine whether any legal action is warranted.
“An audit has already been carried out, and additional due diligence will follow.
“The findings will be submitted to the relevant enforcement agencies to evaluate if further action should be taken.”
He reiterated the Madani government’s commitment to transparency and governance, emphasising that the SEB’s restructuring plan had been approved by creditors and undergone legal proceedings.
He also made it clear that the government’s RM1.1 billion injection was an investment, not a grant, aimed at revitalising the nation’s oil and gas sector.
“This is not a bailout; it is an investment in Malaysia’s vital oil and gas ecosystem, which plays a crucial role in our economy.”
