Mokhzani leaves SapuraKencana

(The Rakyat Post) – SapuraKencana Petroleum Bhd’s vice chairman Tan Sri Mokhzani Mahathir has resigned, Malaysia’s largest oil and gas services firm by market value said today, citing “personal reasons”.

Mokhzani, the second son of former Malaysian Prime Minister Tun Dr Mahathir Mohamad, is one of the founders of SapuraKencana after merging his oil and gas services firm Kencana Petroleum with SapuraCrest in 2012.

The merger was designed to allow both businesses to become a bigger entity that could leapfrog onto the global scene – a target that has since been achieved as its assets have doubled from the time the merger was completed.

While the model of joint-chief executive officers was originally planned for the merged entity, it was later decided that SapuraCrest Petroleum Bhd chief Tan Sri Shahril Shamsuddin eventually becoming sole head for the merged entity.

Sources said that as part of the deal negotiated as to who would helm SapuraKencana, Mokhzani agreed to stay on for at least 30 months after the merger was completed.

In its recent report, Forbes Asia said Mokhzani’s wealth had dropped by around US$500 million as oil prices fell in the last half of 2014 – leading him to fall out of the billionaire list from 26th last year. Shahril’s networth also fell 40%, according to Forbes Asia.