KUALA LUMPUR – T7 Global Bhd, a company listed on the Main Market of Bursa Malaysia, has announced that its largest shareholder, Tan Sri Tan Kean Soon, has resigned as Deputy Executive Chairman with immediate effect. His resignation follows allegations of a RM10 million fraud that recently sparked controversy within the company.
“The Board of Directors has officially accepted his resignation,” T7 Global stated in a press release issued on Monday.
The company also announced that Executive Chairman, Tan Sri Dr. Nik Norzrul Thani N Hassan Thani, will continue to lead the company to ensure business continuity and stability.
“The Board of Directors and management team have taken measures to closely monitor the group’s operations, ensuring minimal business disruption while remaining focused on delivering value to stakeholders,” T7 Global added.
In the same statement, Nik Norzrul Thani expressed appreciation for Tan’s contributions while reaffirming the group’s confidence in its fundamental business strengths and long-term strategic direction.
“We remain committed to maintaining a disciplined approach that has proven effective for us while continuing to focus on sustainable growth and value creation for our stakeholders,” he said.
T7 Global, established in August 2004 and formerly known as Tanjung Offshore Berhad, is a solutions provider in the energy and industrial sectors with a presence across Asia. The company serves clients in the oil and gas (O&G), aerospace, and general industrial sectors.
According to the company’s annual report for the financial year ending December 31, 2023, Tan has over 30 years of experience in various upstream and downstream O&G companies. The latest filing with Bursa Malaysia shows that he holds a direct stake of 8.215% in T7 Global and an indirect stake of 4.812%.
As of now, there has been no further statement from Tan Sri Tan Kean Soon regarding his resignation or the RM10 million fraud allegations against him. T7 Global has only cited personal reasons for his resignation. What is the status of this case? Will Tan Sri Tan Kean Soon walk free with a ‘deal,’ or will the case be closed?
