PETALING JAYA, Nov 21 ― Sumatec Resources Berhad, a service provider in the downstream sector of the oil and gas industry, has lodged a police report against a former director for alleged breach of trust and offences under the Company Act 2016.
It said in an announcement on Bursa Malaysia today that the report was lodged by Independent Director, Datuk Khalid Ahmad, who is also the chairman of the Board’s audit committee, with the Commercial Crimes Department yesterday
The company claimed that the director, who was a Board member from 2003 to 2017, had entered into an agreement with an oil and gas company from Kazakhstan without the permission of the board, resulting in the company being required to pay US$6 million (RM25 million) in arbitration proceedings.
The company said it was also forced to settle around RM80 million after the director, who was not named in the announcement, witnessed the placement of the company’s seal on a settlement agreement for a collateralised loan obligation debt without the approval of the Board.
Again allegedly acting without the Board’s authority, the director was said to have acted “in conflict of interest” in transactions involving the divestment of a company and the debt settlement.
The company said it also believed the director had committed offences under the Companies Act 2016 and was negligent in handling his duties in connection with the financing of vessels under the company’s subsidiaries, which caused the company to be summoned and faced winding-up proceedings for liabilities estimated at about RM350 million.
