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A winner emerges in Tanjung Offshore boardroom battle

A winner emerges in Tanjung Offshore boardroom battle
It would appear that Tan Kean Soon has won the boardroom tussle at Tanjung Offshore.

Tan, who is Tanjung's third largest shareholder, was earlier this year suspended for three weeks as a director but has now been appointed executive deputy chairman, the company said in a stock market announcement. He had been re-designated from the position of executive director, the company said.

Tan, along with Muhammad Sabri Ab Ghani were suspended from their director positions on 28 January after an independent committee found possible conflicts of interest and breaches of fiduciary duty in relation to last year’s aborted reverse takeover exercise by Paris-based Bourbon SA.

The fight escalated when Tan and two others proposed to hold an EGM to remove three directors who had sat on the independent committee, and to appoint other directors. This resulted in a defamation suit against him before the legal fight abruptly ended in the middle of March when the EGM was called off and the suits withdrawn. To-date, two of the three directors whom Tan had proposed to remove at the EGM have resigned and there have been more boardroom changes since March, including the appointment of Mohd Hafarizam Harun as chairman effective 23 March.