Ex-Perdana Petroleum CEO and directors cleared

PETALING JAYA: Former executive chairman and chief executive officer of Perdana Petroleum Bhd (formerly Petra Perdana Bhd) Tengku Datuk Ibrahim Petra Tengku Indra Petra and its three former non-executive directors have been vindicated of charges of breach of fiduciary duty in selling down the company’s stake in Petra Energy Bhd (PEB) about four years ago.

The Kuala Lumpur High Court, after a substantial judgement, ruled yesterday that there was no evidence of wrongful dishonest conduct by the defendants – Tengku Ibrahim, Wong Fook Heng, Tiong Young Kong and Lee Mee Jiong – in the divestment decision of PEB shares in late-2009. The court also dismissed allegations of conspiracy to damage Perdana Petroleum.