Khazanah most suitable entity to audit Sapura Energy
SHAH ALAM - A special audit needs to be conducted on Sapura Energy Bhd (SEB) to determine the company's financial position regarding assets, liabilities, potential and future.
Universiti Tun Abdul Razak (UniRazak) Economist Professor Dr Barjoyai Bardai said Khazanah Nasional Berhad (Khazanah) was the most suitable entity to conduct the special audit as was experienced on the matter.
Clearly, by conducting this special audit, Khazanah can determine whether SEB still has the potential to be rescued and has great potential in the future.
At the same time, he also rejected the proposal by former Prime Minister Datuk Seri Najib Razak, which was subsequently supported by UMNO, for Petronas to take over SEB.
"I think Petronas is an inappropriate entity because Petronas is a customer of SEB.
"SEB is a contractor to Petronas and SEB (once) accused Petronas of lowering the contract price a few years ago when the oil price dropped but did not revise it according to the current market price even though the oil price is now tripled, for example.
"So, it is not suitable for Petronas to come and take over or help SEB at this time," he told Sinar Harian on Monday.
Umno on Sunday agreed for a forensic audit to be conducted on SEB after Opposition Leader Datuk Seri Anwar Ibrahim proposed it during a debate between him and Najib.
The political party had reportedly agreed with Najib's suggestion that Petronas was the suitable entity to take over SEB.
Barjoyai added a forensic audit could be done during this special audit, but it should be performed by SEB's own management.
"When conducting a special audit, we can include forensic audit elements.
"The purpose of this forensic audit is to find the abuse of power, finance and so on," he said.
Meanwhile, another economist, Dr Nungsari Ahmad Radhi disagreed with the proposal for the government to save SEB.
"I do not agree for SEB to be 'saved' by the government. Petronas, Khazanah are public funds.
"There are other oil and gas companies still operating. Let them take over SEB's business, employees and assets," he said.
