Top execs remand for 3 days, no impact on business: Icon Offshore

PETALING JAYA: Icon Offshore Bhd's CEO and COO are being remanded by the Malaysian Anti-Corruption Commission (MACC) for a duration of three days up till today (April 24, 2015), the oil and gas services-related company said.
In a reply to a Bursa Malaysia query yesterday, the company said it was informed of the remand period by the legal counsel representing its two top executives.
On Wednesday, Icon Offshore caused a stir in the market when it announced that MACC has remanded its CEO Dr Jamal Yusof and COO Rahman Yusof to "facilitate and assist in investigations" currently being conducted by the anti-corruption agency.
However, Icon Offshore said it is not aware of the "details of the nature of the investigations or their status". It assured the market regulator though that the remand would not have any financial and operational impact on the company.
"We do not expect the remand to have any financial or operational impact to the group as our deputy CEO, Captain Hassan Ali continues to be responsible for the day-to-day management of our company as well as the coordination of the administrative and business activities of our group," it told Bursa Malaysia yesterday.
It said that Hassan has assumed the functions of the CEO effectively from April 22, 2015, in addition to his existing responsibilities.
"In light of the development, our company has engaged our stakeholders, namely our customers and lenders to appraise them of the matter and at the same time, provide assurance to our stakeholders that it is business as usual for our group under the stewardship of our deputy CEO," the company said.
Jamal is Rahman's younger brother.
Icon Offshore's initial public offering last year raised about RM944.92 million - RM534.69 million of it was accrued to the selling shareholders through the offer for sale of up to 289.02 million shares, while the public issue of up to 221.75 million shares raised RM410.23 million.
It owns, operates and leases a fleet of 32 vessels that comprise 25 anchor handling tug/anchor handling tug supply vessels, four seismic support vessels, one platform supply vessel, and two utility vessels.