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Tanjung Offshore boardroom tussle settles down

Tanjung Offshore boardroom tussle settles down
The dust seems to have settled at Malaysia's Tanjung Offshore, with several board changes apparently indicating how the chips have fallen.

Local media reported several directorship changes, with Shahrizal Hisham Abdul Halim and Tan Wee Koh suddenly tendering their resignations, citing personal reasons, while Suraj Singh Gill and Syed Hussian Syed Junid were appointed to the board.Suraj and Syed Hussian were appointed as Tanjung’s independent non-executive directors.

Board room troubles had been simmering at Tanjung since earlier this year when then suspended director and major shareholder Tan Kean Soon filed a suit against several of the company’s executives, who in turn filed a suit against him and several others.Tan and another director Muhammad Sabri Abdul Ghani had been suspended in February after investigations by Tanjung's independent committee completed its findings over possible conflicts of interest and breaches of fiduciary duties.

However, the tussle came to an abrupt end last week after all parties withdrew their respective suits. The suspension imposed on Tan, Muhammad Sabri and Harzani Azmi since end-January was also lifted with immediate effect.

TAGS: Offshore