Azmi Arshad: A proper CFO answers Rafizi’s latest attack on Tabung Haji


LSS Report

Azmi Arshad completely rebuts Rafizi Ramli’s claim yesterday that “Rafizi: Tabung Haji pulling wool over depositors’ eyes with payout announcement” where Rafizi accuses Tabung Haji of actually losing as much as RM3.1 billion in the year 2015 instead of making RM3.5 billion.

Azmi is a bona-fide Chief Financial Officer of a public listed company. His last job was the CFO of SapuraCrest Bhd for 8 years. His biography and work experience is here.

Azmi Arshad, a Malaysian aged 50, is the CFO of our Company. He graduated with a degree in accountancy from the University of East Anglia, Norwich, UK in 1986 and passed the professional examinations of the Institute of Chartered Accountants in England and Wales (ICAEW) in 1990.

In 2003, he joined SapuraCrest Petroleum Berhad (“SapuraCrest”), a company principally engaged in oil and gas services, as the CFO. During his eight years of service, he played a key role in numerous acquisitions, joint ventures and equity and debt fundraisings. These include the acquisition of Sapura Energy Sdn Bhd and the cross border acquisition of Total Marine Technology Pte Ltd, Australia. He was also involved in the joint venture arrangements with foreign partners for offshore installation and construction activities which include the construction of offshore support vessels and rigs for a combined value of over USD600 million.

He was the chairman of the due diligence working group for equity and debt fundraising and other corporate exercises of SapuraCrest with aggregate funds raised of more than RM3 billion. During his tenure, he also oversaw the transfer listing of SapuraCrest from the Second Board to the Main Board of Bursa Securities (now known as Main Market of Bursa Securities).

From 2011 to 2013, he was the Chief Operating Officer of Sapura Resources Berhad (“Sapura Resources”) and was responsible for its investments and businesses comprising property investment, facilities management, education, manufacturing, project management and aviation services. In addition, he oversaw the set-up of the aviation services business of Sapura Resources where he managed the corporate acquisition and joint ventures of the company with foreign companies.

Who do you trust more in financial analysis? Him or Rafizi?