Tanjung Offshore gets new CEO, and another board battle looms

Kuala Lumpur: Yesterday was another day of high drama in the unfolding battle raging at Tanjung Offshore. A new ceo was named in a bid to try and quiet all the talk of financial irregularities that have plagued the company in recent days. No sooner had this announcement gone out, however, when a call was made for an extraordinary general meeting of the Kuala Lumpur-listed firm designed to oust a number of directors and install others at the top of the firm.

Rahmanudin bin Md. Shamsudin, 59, was appointed group ceo. The oil and gas veteran was appointed, the firm said, because of his “good business acumen and corporate experiences”, which the company said would help consolidate the workforce and the board of directors.

Said consolidation of the board is set to receive a swift stern test as three ex-directors, recently kicked off the board for alleged financial irregularities which they deny, have called an EGM on March 27 in which they propose to oust three directors and any news ones appointed in the interim and appoint another five.

The corporate battle has been ongoing since the end of January when three members of Tanjung Offshore’s executive board were suspended for alleged misconduct that could have contributed to the cancellation of Tanjung’s takeover of Bourbon Offshore Asia Pacific.

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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