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Mokhzani Mahathir Cashes Out Billions By Selling Off Stake In SapuraKencana With A Personal Wealth Of At Least RM4.22 billion

Mokhzani Mahathir:

April 2001 – Sells off Pantai Holdings, Tongkah Holdings, and announced withdrawal from corporate world.

The decision was made as the prime minister’s son was disappointed with the allegations made by irresponsible groups who tarnished his name and that of his father’s, Datuk Seri Dr Mahathir.

“Lately there have been many wild allegations linking me with government projects or mega projects which are not true and I feel this is an irresponsible move to tarnish my name and that of my father’s,” he told Bernama.

Mokhzani also said that his decision to withdraw from the corporate world by selling his entire direct and indirect interests in companies listed on the KLSE was not because he was sulking.

“I am not sulking. Who would want to sulk. To say that I am sulking from the corporate world is not correct,” he said.

Late 2001 – Despite his emotional public announcement of his withdrawal from the corporate world months earlier, he sets up Kencana Capital in 2001 with a capital of RM30mil.

Kencana then enters Oil and Gas business by setting up by taking over a small fabrication yard of 11 acres and rebranding it as Kencana Petroleum and within months, was awarded a Major Fabrication (Offshore Structures) license by Petronas

Nov 2003 – Mahathir is appointed as Petronas advisor immediately after he retired as PM.

Mid 2011 – Kencana Petroleum now valued at RM6 billion and merges with Sapura Petroleum to form SapuraKencana. Mokhzani is group CEO.

2013 – Mokhzani becomes Malaysias 9th richest person and second richest Malay (behind Syed Mokhtar) with a personal wealth of at least RM4.22 billion.

Mar 2016 – Mahathir is removed as Petronas Advisor.

Oct 2016 – Months after his father’s exit from Petrronas, Mokhzani cashes out billions by selling off stake in SapuraKencana. He resigns and completely exits Oil and Gas Industry:

Ada kaitan? Or the sons are just naturally gifted in business as what Mahathir and bunga supporters claim?

LSS

Source : THE KL Chronicle

2 Comments

2 Comments

  1. Pingback: 9 Banks Asked To Write Off RM 7.6 Billion Sapura Energy Debts Which Is More Than All The Combined Profits Of All Bank In Malaysia & 3 Times Higher Than Genting HK Loses At RM 2.5 Billion - The Coverage

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