Malaysia-listed offshore services provider Tanjung Offshore has redesignated Tan Kean Soon as new executive deputy chairman of the company effective 12 May, according to the company’s filing to Bursa Malaysia.
Tan was a former executive director of the company, but was suspended for three weeks earlier this year after an independent committee found alleged breaches of fiduciary duty and conflicts of interest following last year’s aborted reverse takeover exercise by France-based Bourbon. Tan responded by holding an extraordinary general meeting (EGM), asking to remove three directors who had sat on the independent committee and to appoint other directors in February 2015.
Tanjung Offshore retaliated by filing a defamation suit against Tan and five other defendants on 19 March 2015. On 23 March 2015, Tanjung Offshore decided to lift Tan’s suspension as well as two others. In turn, Tan called off the EGM. On 24 and 25 March 2015, both the suit and counter-suit had been withdrawn by both parties.
Overall, the legal proceedings have prompted the resignation of two directors that Tan had proposed to remove in the EGM and Tanjung Offshore has experienced more boardroom changes since March 2015, such as the appointment of Mohd Hafarizam Harun as chairman effective since 23 March 2015.