Why is Vincent Tan divesting T7 Global shares?

Question

Accepted Answer

Vincent Tan is divesting his T7 Global shares to address allegations of impropriety and cronyism.

Vincent Tan has announced his intention to sell his entire stake in T7 Global Bhd. This decision comes in response to recent news reports that have implied a connection between his acquisition of shares in the company and the government's decision regarding the East Coast Rail Link (ECRL) project. Tan aims to clarify his position and refute any suggestions of wrongdoing or favouritism involving himself or the government.
Disposing of Shares Amidst Controversy

Tan has already begun selling some of his T7 Global shares and plans to divest his complete holding. This move is intended to put an end to the ongoing controversy surrounding his investment. The clarification statement was issued to address media coverage that Tan believes is mischievous and seeks to embarrass him and the current administration.
Rationale for Initial Investment

The acquisition of 21 million shares, representing a 5.04% stake, was initially made as a long-term investment. Tan cited his acquaintance with the major shareholder and T7 Global's strong standing in the oil and gas services sector as reasons for his purchase. He explicitly stated that he was unaware of T7 Global's involvement as a contractor for the ECRL project at the time of acquiring the shares.
Refuting Allegations and "Fake News"

Tan also used the opportunity to deny other circulating "fake news" reports, including claims of an investment in a financial startup called Bitcoin Formula and a purported donation of RM525 million to Tabung Harapan Malaysia. He asserted that these reports are untrue and intended to mislead the public.

Reading history

Hide →

This history is cleared when the page is closed.

Why is Vincent Tan divesting T7 Global shares?

Loading

Was this article helpful?

Helpful

Not helpful

Report an issue

1

0

0

Share with friends