SSER fined RM18m for infringing Bank Negara conditions over pipeline projects

Suria Strategic Energy Resources Sdn Bhd , a subsidiary of the Finance Ministry which carried out two petrochemical and gas pipeline projects worth RM9.4 billion, was today fined RM18 million by the Sessions Court here today 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 is his post in the company, Kishan Narendra said he was only representing the company.

All the offences were carried at 9th floor, Menara 1 Dutamas, Solaris Dutamas, No. 1, Jalan Dutamas 1, here between April 2017 and May 2018 according to Subsection 214 of the same act which provides for a maximum of 10 years in jail or fine up to RM50 million or both.

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Source: fmtoday - 🏆 5. / 72 Read more »