Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Tanjung Offshore director vows to spill beans

Tanjung Offshore director vows to spill beans
The Tanjung Offshore saga continues, with Tan Kean Soon, one of the directors accused of possible conflicts of interest and breaches of fiduciary duties, breaking his silence over the allegations and vowing to tell his side of the story, Malaysia's Bernama news agency reported.

In refuting what has appeared in the media in the last fortnight, Tan said he would soon tell his side of the story so that shareholders would know the full picture.

Tan refuted recent media reports, saying: “What has been told so far is only one-sided and I am certainly blameless.” Tan currently holds about 8.0% of the company after taking up a private placement two years ago with a view to partner and bring synergy to an established oil and gas player.He revealed that in the last few months since he was appointed a non-independent director, he had uncovered some deals for which the management was not able to give satisfactory answers. “I hope to expose all these at an appropriate time so that shareholders will know who is telling the truth,” he said.

Referring to the unsatisfactory state of affairs in Tanjung Offshore, Tan said he had questioned a number of deals that were announced and then aborted, especially those which incurred hefty and wasteful advisory fees without bringing any benefit to the company.

Other issues included the questionable manner in which the company acquired an oil and gas service provider as well as the acquisition of a residential property abroad which was not aligned to the core businesses of Tanjung Offshore.

Tan said he was encouraged by the fact that the Malaysian Anti-Corruption Commission (MACC) stepped up its own investigations into these transactions. It is understood that MACC investigators had spoken to a number of senior officials at Tanjung Offshore and taken away some files for closer scrutiny in the last few days.