save malaysia!
Finance Ministry takes over management of scandal-hit SSER
savemalaysia
Publish date: Wed, 11 Jul 2018, 11:21 AM
KUALA LUMPUR: The Finance Ministry has taken over the management of Suria Strategic Energy Resources Sdn Bhd (SSER), a company which is now at the centre of a RM9.4bil pipeline scandal.
In a statement, the Finance Ministry said it has appointed deputy secretary-general Datuk Asri Hamidon as chairman of SSER. On June 26, Asri was made the chairman of 1Malaysia Development Bhd or 1MDB.
Asri will be assisted by three members of a new executive committee (exco).
The exco members are former CEO of Agrobank Datuk Wan Mohd Fadzmi Wan Othman, treasury officer Faisal Abdul Ghani and a senior partner at Grant Thornton Malaysia, Hooi Kok Mun.
The ministry said effective June 25, Grant Thornton Malaysia, led by its partner Kishan Jasani, started to manage SSER’s daily operations.
SSER was set up on May 19, 2016 as a wholly owned unit of Minister of Finance Inc, with the specific intent to undertake the multi-product pipeline (MPP) and Trans-Sabah Gas Pipeline (TSGP) projects.
Both projects were approved by the Cabinet on July 26. The MPP involves a 600km multi-product petroleum pipeline connecting Melaka and Port Dickson to Jitra, Kedah costing RM5.35bil. The TSGP, on the other hand, is to build a 662km gas pipeline from the Kimanis Gas Terminal to Sandakan and Tawau costing RM4.06bil.
Both projects amounting to RM9.41bil were awarded to China Petroleum Pipeline Bureau (CPPB) on Nov 1, 2016.
The Finance Ministry, on June 5, revealed that a total sum of RM8.25bil, or 88% of the total project value, had been drawn down and paid to CPPB.
This is despite an average completion rate of only 13%, with another two years of the contracts to go.
https://www.thestar.com.my/business/business-news/2018/07/11/finance-ministry-takes-over-management-of-scandalhit-sser/
More articles on save malaysia!
Malaysia Airlines grounds new Airbus days after first flight — report
Created by savemalaysia | Dec 23, 2024
Malaysia’s Asean chairmanship 2025: A turning point for Asean-China relations — Teh Choon Jin
Created by savemalaysia | Dec 23, 2024
Ringgit rises to 4.501 against US dollar as dollar index declines
Created by savemalaysia | Dec 23, 2024
Discussions
Be the first to like this. Showing 1 of 1 comments
Post a Comment
Featured Posts
Introducing MY's First IPO Fund for Sophisticated Investors!
New Update. Discover investment communities that resonate with your ideas
M & A Value Partners IPO Equity Fund has been launched - Targeted 13% Return p.a
Latest Videos
Apps
Top Articles
1
Stock Market Enthusiast
Top 3 AI/Data Center Newsflow for the 3rd Week of December - #TENAGA, #YTL, #YTLPOWER
2
save malaysia!
3
save malaysia!
5
6
save malaysia!
7
Good Articles to Share
China property flare-ups resurface as crisis enters fifth year
8
Good Articles to Share
US fighter shot down in 'apparent case of friendly fire' over Red Sea
#
Stock
Score
Daily Stocks
Stock Name
Last
Change
Volume
Stock Name
Last
Change
Volume
Stock Name
Last
Change
Volume
MQ Trading Signals
Stock
Time
Signal
Duration
Stock
Time
Signal
Duration
Featured Advertisers / Partners
Ride The Bull Short The Bear
CS Tan
4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
lotsofmoney
More harsh measures should be taken against those guilty of corruption including confiscation of all assets, heavy fine and mandatory 10 years jail and canning.
2018-07-11 12:50