Najib’s brother Nizam quits Petra Energy board after seven months

KUALA LUMPUR (September 25): Former prime minister Datuk Seri Najib Razak’s brother Datuk Mohamed Nizam Razak has resigned as Petra Energy Bhd’s non-independent and non-executive director, after holding the position for only seven months since February this year.

Petra Energy cited “to pursue other business ventures” as the reason Mohamed Nizam, 59, is departing, according to its filing with Bursa Malaysia yesterday.

At the same time, Mohamed Nizam also resigned as a member of the nomination committee, audit committee as well as remuneration committee.

According to Petra Energy’s latest annual report, Mohamed Nizam graduated with a Bachelor of Arts degree in Politics, Philosophy and Economics from the Oxford University. He holds  a 9.11% equity in the company.

It said Mohamed Nizam presently sits on the boards of Yeo Hiap Seng Ltd (Singapore) and Mamee-Double Decker (M) Sdn Bhd. He also sits on the board of Petra Resources Sdn Bhd.

Mohamed Nizam is actively involved in charitable foundations such as Noah Foundation, Yayasan Cemerlang, National Children Welfare Foundation, Yayasan Rahah and Yayasan Wah Seong, it added.

In a separate Bursa filing yesterday, Petra Energy said Tan Sri Bustari Yusuf, said to be close with Najib, had acquired a total of 64,000 shares through Shorefield Resources Sdn Bhd on the open market.

The acquisitions were done between last Thursday and last Friday, Petra Energy said.

Following the acquisitions, Bustari now holds a total of 90.45 million shares, representing about 28.18% equity interest in Petra Energy.

This article first appeared in The Edge Financial Daily, on Sept 25, 2018.

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