The board and management of Malaysian national energy giant Petronas have urged the prime minister to drop a planned tax settlement with a state that is run by his political allies, three sources close to the company said.
FILE PHOTO: Outgoing Petronas CEO Wan Zulkiflee Wan Ariffin speaks during the opening ceremony of the 20th Asia Oil & Gas Conference in Kuala Lumpur, Malaysia June 24, 2019. REUTERS/Lai Seng Sin
Muhyiddin’s decision will have big implications for Petronas and the national budget, and will be closely watched by foreign investors, on guard over corporate governance and financial transparency in Malaysia following the mega-scandal at sovereign fund, 1Malaysia Development Bhd . A court ruled that Sarawak can impose the tax, but Petronas had appealed that decision at the federal court.
Previous Malaysian governments have held out against demands from energy rich states for a bigger share of oil and gas revenues.
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