KUALA LUMPUR: Tan Sri Vincent Tan Chee Yioun says he will be divesting his entire stake in T7 Global Bhd in light of the recent controversy over the East Coast Rail Line (ECRL) project.
The investment tycoon said he was selling his stake in the company to distance himself from reports that his interest in the company may be linked to the new government's decision not to cancel the project.
"These news reports are mischievous and appear to imply a sinister link between my acquisition of a substantial stake in T7 Global and the decision of the Pakatan Harapan Government not to cancel the East Coast Rail Line (ECRL) project despite earlier reports to the contrary," he said in a press statement on Tuesday.
"I believe these news reports and social media comments are intended to embarrass me and the new Government in Putrajaya."
Tan explained that his acquisition of a stake in T7 Global was because the company was well positioned in the oil and gas services industry, and he was acquainted with the major shareholder of the company.
"I had no knowledge that T7 Global is one of the contractors for the ECRL project when I purchased shares in the company," he added.
Tan said he had begun disposing of some of his shares in T7 Global as of Monday, and intends to dispose of his entire stake in due course.
Further dispelling rumours surrounding him, he added that there is no truth to reports that he had invested in a financial startup developing a trading platform called Bitcoin Formula, or that he will be donating RM525mil to Tabung Harapan.
Shares of T7 Global had jumped in Monday trading by eight sen or 19% to 50 sen apiece with over 31 million shares done.
At Tuesday's close, the counter slid half a sen or 1% to 49.5 sen a share with 9.5 million shares changing hands.
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