Sapura Holdings Sdn Bhd (SHSB) director Shahriman Shamsuddin claimed today that he was unaware of an internal investigation into a disputed directors’ circular resolution (DCR).
Testifying in his petition to wind up SHSB, Shahriman attributed the lapse to a breakdown in communication with elder brother, Shahril.
In his petition, Shahriman alleged that Shahril and fellow director Rameli Musa had passed the resolution on May 29, 2023, authorising the company to issue a letter of financial support to Sapura Resources Bhd (SRB) in relation to Project Apex.
Project Apex was the moniker given to the development of Sapura Permata, a 52-storey office tower located in the city centre.
Shahriman claimed he was not informed of the resolution’s existence and only discovered later that it recorded him as having “abstained” from signing.
He said he subsequently called for an independent investigation but alleged that no such probe was ever carried out, and accused Shahril of not notifying him of the DCR, and for the “fiction” of an investigation.
During cross-examination by Shahril’s counsel, S Rabindra, Shahriman was told that the investigation was completed on Oct 8 last year, two weeks after Shahriman filed his petition.
Rabindra also said the probe had been temporarily delayed due to health issues faced by the appointed investigator, Nik Azli Abu Zahar, who had undergone heart surgery.
Rabindra: Were you aware that the investigation was put on hold as Nik Azli had to undergo heart surgery?
Shahriman: I was not on talking terms with my brother.
Rabindra: You didn’t raise any issue about whether you knew of Nik Azli’s report, or that the investigation was stalled and resumed after his recovery. So I take it you had no issue?
Shahriman: I disagree.
Shahriman is seeking to wind up SHSB, the parent entity of over 40 subsidiaries valued at RM832 million, including the publicly listed SRB.
Both Shahril and Shahriman hold a 48% stake in SHSB, with the remaining 4% owned by Rameli.
The petition named SHSB, Shahril, and Rameli as the respondents.
In the petition, Shahriman claimed that an irreparable breakdown in mutual trust and confidence between him and Shahril necessitated SHSB’s dissolution.
He further claimed that the strained relationship between them was exacerbated by events surrounding Project Apex.
The respondents oppose the petition, contending that SHSB was never intended as a family business and that dissolution would be neither just nor equitable.
The proceedings before Justice Leong Wai Hong at the High Court will continue on Aug 11.
