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 implements whistle blowing policy

Tanjung Offshore implements whistle blowing policy
Stung by recent corporate governance issues, Tanjung Offshore has implemented a whistle-blowing policy to provide directors and employees a platform to raise their concerns on any malpractices within the group, local reports quoted chairman Mohd Hafarizam Harun as saying.

Mohd Hafarizam said the move was aimed at strengthening corporate governance within the group, following recommendations from a forensic audit by Ferrier Hodgson triggered by several “contentious transactions.”

“The policy will enable every issue to be speedily investigated and for action to be taken and resolved effectively within the group if possible,” Mohd Hafarizam said in a statement.

Mohd Hafarizam said Tanjung Offshore's whistle-blowing policy was also in line with best corporate practices and serves as a major step for the group towards restoring investor confidence. “We are also in the midst of conducting a thorough review of Tanjung Offshore’s standard operating procedures, guidelines and internal systems to put right the shortcomings that gave way to corporate weaknesses in the past,” Mohd Hafarizam added.

On its prospects, Tanjung Offshore said it was looking to revert to a “pure play” oil and gas (O&G) service provider, and was optimistic for significant improvements in its O&G activities by investing in technologies that would realise lower operational costs.

Mohd Hafarizam said the company would actively bid for O&G projects particularly in services involving drilling, engineering equipment and gas generation, both locally and abroad, to add to its order book, as well as, enhance shareholders’ value.