Speaking at the finance ministry’s monthly assembly, Anwar said he had remained consistent with his position on the matter.
“When I criticised Sapura Energy several years ago, what did I say? No bailouts because the same management was still in place, earning millions, and there was no forensic audit.
“Believe me, this was not an easy decision. I have always strongly opposed bailouts, going back to 1997–1998 when I resisted bailing out a shipping company linked to the son of the prime minister at the time,” he said, referring to Konsortium Perkapalan Bhd.
Yesterday, a Malaysiakini report noted that Anwar, in a debate with former prime minister Najib Razak, had been critical of a proposal for the government to bail out Sapura Energy.
“Now, as the prime minister and finance minister, Anwar has thrown Sapura Energy a RM1.1 billion lifeline,” the report said.
Speaking today, Anwar said the government had set several conditions, including that Sapura Energy’s senior management step down, before approving the RM1.1 billion investment.
Anwar also reiterated that the measure was not intended as a bailout for the corporation or its top executives, as alleged by certain parties.
He said the decision was meant to assist the firm’s 2,000 vendors – 80% of whom are Bumiputera entrepreneurs – while ensuring that the integrated oil and gas services firm avoids bankruptcy and continues operating in the downstream sector without relying on foreign players.
“The chairman and senior management needed to step down and be replaced by a new management team. That was one of our conditions,” he said.
Anwar also said the decision was made only after a forensic audit to identify issues within the company.
“We did not give a single sen to Sapura Energy itself – this is for the 2,000 vendors who have contributed to the industry. Why should they be punished?
“My political rivals would say that if Anwar doesn’t extend help, he’s betraying the Bumiputeras and is just a spokesperson for DAP,” he said.
In a Bursa filing on Tuesday, Sapura Energy said that the finance ministry, via its special purpose vehicle Malaysia Development Holding Sdn Bhd, would be subscribing to its redeemable convertible loan stocks worth RM1.1 billion.
According to The Edge, the funds have been earmarked exclusively for settling Sapura Energy’s arrears with its vendors.
The government’s decision to inject the funds drew accusations that it had bailed out Sapura Energy, a practice which Pakatan Harapan leaders had condemned during the coalition’s time in the opposition.