Magnus corrects statements, says CEO has interest in Blue Water Malaysia

Singapore

THE board of directors of Magnus Energy has corrected its earlier statements, to clarify that its executive director and chief executive officer (CEO) Charles Madhavan in fact has an indirect interest in Blue Water Engineering (M) Sdn Bhd (BWEM), which is leasing its Malaysia office premises and providing administrative services to Magnus.

Previously, Mr Madhavan had said repeatedly that he had no interest in the Malaysian firm. Two directors also quit last month because they disagreed with him on matters including payments linked to BWEM.