Auditing process, additional due diligence done prior to approving RM1.1b for SEB – PM Anwar

Prime Minister Datuk Seri Anwar Ibrahim confirmed that auditing and additional due diligence was conducted in the restructuring exercise of Sapura Energy Berhad (SEB).

The announcement was made following an injection of RM1.1 billion to Sapura Energy Berhad via Finance Ministry’s special purpose vehicle, Malaysia Development Holdings.

“A fresh injection of RM1.1 billion was given to SEB specifically to settle SEB’s debts to its 2,000 local Bumiputera SME vendors. The capital injection is part of SEB restructuring effort to save their local staff,” said Anwar at the Finance Ministry’s monthly assembly.

“The auditing process was conducted and additional due diligence was implemented as preconditions to finalise the restructuring and capital injection of RM1.1 billion.

He added that the Madani government prioritises transparency and good governance in management.

“The government’s injection is not a grant but an investment towards healing the strategic oil and gas ecosystem for the nation’s economy,” he also said.