Tycoon Vincent Tan to divest entire stake in T7 Global to end ECRL controversy

PETALING JAYA: Berjaya Corp Bhd founder and executive chairman Tan Sri Vincent Tan has decided to divest his entire stake in Malaysia-based international oil and gas industry service provider T7 Global Bhd because of speculation linking him and the company to the East Coast Rail Line (ECRL).
Tan had recently taken up 21 million shares or 5.04% interest in the group but has decided to divest because of intense media speculation about the company's links to the ECRL.
"As such I have decided to divest my entire stake in T7 Global Berhad. I have in fact already started disposing some of my shares in T7 Global as of yesterday and I intend to dispose all of my shares in the company in due course," he said in a strongly worded statement today.
He also refuted news reports that his purchase had to do with links between him and the ECRL project.
"These news reports are mischievous and appear to imply a sinister link between my acquisition of a substantial stake in T7 Global and the decision of the Pakatan Harapan Government not to cancel the East Coast Rail Line (ECRL) project despite earlier reports to the contrary," he said.
"I acquired my stake in T7 Global as I am acquainted with the major shareholder of the company and more importantly as a long term investment in the oil and gas services industry as T7 Global is well positioned in this sector,"
"I had no knowledge that T7 Global is one of the contractors for the ECRL project when I purchased shares in the company," he added.
He said that despite clarifications from the Prime Minister and the Finance Minister, the link between him and the ECRL still remains.
"The Prime Minister has already categorically denied claims that his Government had decided against scrapping the ECRL project because "his friend Tan Sri Vincent Tan" has a stake in the project," he said.
"The Finance Minister, Lim Guan Eng has also clarified that since RM20 billion had already been paid under the ECRL project, it would be too costly to cancel the project but would be renegotiated to bring down the costs of the project," he said
"Despite such clarifications by the Prime Minster and Finance Minister, scurrilous and baseless allegations of impropriety still seem to be making their rounds in the news and social media," he added.