Malaysia’s anti-corruption body has launched a probe into troubled oil and gas firm Sapura Energy as the government scrambles to contain public backlash over a proposed 1.1 billion ringgit (US$230 million) bailout for 2,000 unpaid vendors.
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Critics argued that the taxpayers’ funds allocated for the bailout, which was announced last Thursday, should instead be used to bolster the country’s strained public health sector.
Others have accused Prime Minister Anwar Ibrahim of hypocrisy, pointing out his past resistance against bailouts when he was in the opposition and finance minister under the administration of former prime minister Mahathir Mohamad.
Anwar has insisted Sapura Energy’s case was different to a typical corporate bailout, arguing the funds were specifically meant to settle the company’s debts to vendors and prevent disruptions to the country’s oil and gas sector.
Over the weekend, the Malaysian Anti-Corruption Commission (MACC) announced that it had opened an investigation into allegations of misuse of money at Sapura Energy.
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“The two investigation papers that have been opened focus on money laundering activities and misappropriation around 2018 when the company was known as Sapura Kencana Petroleum Berhad,” national news agency Bernama reported, citing MACC chief Azam Baki on Saturday.
What is happening in the context of Sapura Energy is a bailout, whether we like it or not