Tan snaps up millions of Tanjung Offshore shares

Kuala Lumpur: The man at the centre of the Tanjung Offshore scandal is using his financial muscle to get his point across to rivals vying for control of the Malaysian firm. Tan Kean Soon, who was one of three boardmembers recently dismissed from the firm over allegations of financial misdealings, has in recent weeks snapped up millions of shares. Over three occasions since January 20 Tan has bought up more than 10m shares in Tanjung Offshore.

Tan was one of three members of Tanjung Offshore’s executive board who were suspended last month for alleged misconduct that could have contributed to the cancellation of Tanjung’s takeover of Bourbon Offshore Asia Pacific. He has since vociferously denied the allegations and has instigated a bitter boardroom battle.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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