ALAM Maritim Chief Returns to Post After Anti-Corruption Remand
The MACC inquiry follows a Royal Commission report into a state hajj savings fund
Malaysia's offshore services firm ALAM Maritim Resources has confirmed that its chief executive was briefly remanded by the Malaysian Anti-Corruption Commission as part of an ongoing investigation.
The company announced in a stock exchange filing on Monday, August 17 that group managing director and chief executive Dato' Azmi bin Ahmad was under remand to facilitate the investigation. He was released two days later, on Wednesday, August 19.
The company stated that "The remand is for the purpose of facilitating the ongoing investigation and does not constitute any finding of wrongdoing." It emphasised that Dato' Azmi has resumed his executive roles and that business operations, financial position and strategic governance remain stable and unaffected.
The detention lands at a sensitive point in the company's recovery. ALAM Maritim completed a refinancing in October that included debt reduction, a reverse merger and the issuance of rights and warrants focused on the offshore support ship segment. In June its application to no longer be classified as financially distressed was accepted, and it returned to full exchange listing.
The Malaysian Anti-Corruption Commission is investigating findings from a Royal Commission of Inquiry into a state-run savings scheme for Malaysian hajj pilgrims. The fund had made investments in ALAM Maritim and supported its expansion into the offshore support vessel business through a joint venture formed in 2009. The Royal Commission highlighted that the fund took substantial impairment charges on those investments.
Dato' Azmi has led the company as chief executive since 2006, which places him in post across the entire period the commission examined.
