Suria Strategic Energy Resources Sdn Bhd , a subsidiary of the Ministry of Finance, which carried out two petrochemical and gas pipeline projects worth RM9.4 billion was today fined RM18 million by the sessions court here for failing to comply with Bank Negara Malaysia conditions.
In her judgement, Manira said the offence committed by SSER could give negative impact to the country’s public and economic interests and the punishment was a lesson to SSER and other companies not to commit the same offences.When asked by the judge what post he held in the company, Kishan Narendra said he was only a representative of the company.
For the fourth to the sixth charges, SSER was accused of the same charges, which is the failure to comply with BNM conditions which was issuing loan funds from The Export-Import Bank of China not based on the project progress for the Trans-Sabah Gas Pipeline project and the failure to ensure good and effective governance in implementing TSGP project and the failure to obtain written approval from BNM for change of information relating to the implementation timeline of TSGP.
BNM prosecution officer Nurdeenie Abdul Rashid however pressed the commensurating punishment over the seriousness of offences which led to a depreciation of the ringgit against other currencies.
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