00:00Last night, Sapuan Energy has issued a statement regarding PNB's strategic investment in the form of redeemable convertible shares.
00:15And there are a few things that have been raised, including a statement by one newspaper claiming that this is a form of bailout.
00:28And this has been denied.
00:31Government spokesman Fahmi Fazil has denied claims that the finance ministry's RM1.1 billion investment into Sapuan Energy Berhad was a bailout.
00:40It is a strategic investment that differs in nature from the bailout that took place in the era of Dr Mahathir.
00:51That is a real bailout. This is not. This is Madani, not Mahathir.
00:56It was alleged that Mahathir's first administration had engaged in several bailout efforts, particularly during and after the 1997 Asian financial crisis.
01:06In a bursa filing yesterday, Sapuan Energy said the finance ministry, via its special-purpose vehicle Malaysia Development Holdings Senuan Berhad,
01:15will be subscribing to its redeemable convertible loan stocks worth RM1.1 billion.
01:20The funds, according to The Edge, have been earmarked exclusively for settling Sapuan Energy's arrears with its vendors.
01:27The government's decision to inject the funds drew accusations that it had bailed out Sapuan Energy,
01:32a practice which Pakatan Harapan leaders had condemned when it was in the opposition.
