Najib's brother quits Petra Energy board after 7 months

Former prime minister Najib Abdul Razak’s brother, Nizam Abdul Razak, has resigned from his posts at Petra Energy Bhd after just seven months on the job.

The company announced in separate filings at Bursa Malaysia yesterday that Nizam is resigning as its non-independent and non-executive director, as well as from his posts in the company’s nomination committee, audit committee as well as remuneration committee.

Petra Energy said Nizam is leaving the company “to pursue other business ventures”.

According to previous filings, Nizam had become the company’s director, nomination committee member, and remuneration committee member on Feb 22. On May 24, he was appointed as the company’s audit committee member as well.

Business daily The Edge quoted the company’s latest annual report as saying that Nizam holds a 9.11 percent stake in the company, and sits on the boards of Yeo Hiap Seng Ltd (Singapore) Mamee Double-Decker (M) Sdn Bhd, and Petra Resources Sdn Bhd.

This is in addition to the boards of several private limited companies that are engaging in a wide range of activities, the report said.

The report also noted that in separate filings, Petra Energy reported that Bustari Yusof, who is said to be close to Najib, had acquired 64,000 shares, through Shorefield Resources Sdn Bhd on the open market between Sept 20 and Sept 21.

It said this would mean Bustari now holds 90.45 million shares in Petra Energy, representing about 28.18 percent equity interest in the company. -Mkini

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