Firm fined RM18m over pipeline projects

Dateline 2019-04-06, Daily Express:

Suria Strategic Energy Resources Sdn Bhd (SSER), a subsidiary of the Ministry of Finance which carried out two petrochemical and gas pipeline projects worth RM9.4 billion, was on Friday fined RM18 million by the Sessions Court here for failing to comply with Bank Negara Malaysia conditions.

Among the offences were that SSER had issued loan funds from The Export-Import Bank of China not based on the progress of the Multi-Product Pipeline (MPP) and Trans-Sabah Gas Pipeline (TSGP) projects and paid RM8.3 billion or 88 per cent of the cost of construction of RM9.4 billion for the two projects to the contractor, China Petroleum Pipeline Engineering Co Ltd (CPP), when work progress was only at 13 per cent.

Judge Manira Mohd Noor meted the sentence on SSER, which was represented by Kishan Narendra Jasani (a representative appointed by the board of directors for the court case), after he pleaded guilty to six charges on behalf of the company as the accused.

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