Sapura Holdings Sdn Bhd (SHSB) group CEO Shahril Shamsuddin has applied to the High Court for leave to include pleadings from a separate lawsuit in an affidavit as part of his bid to oppose his brother’s petition to wind up the company.
The cause papers in question relate to a RM3.22 million suit filed by Sapura Resources Bhd (SRB) against Shahril’s brother, Shahriman, the former managing director of SRB, in April this year.
In that lawsuit, SRB’s wholly-owned subsidiaries, Sapura Aero Sdn Bhd and DNest Aviation Sdn Bhd, sued Shahriman for breaching fiduciary, statutory, common law, equitable and contractual duties.
The claims include allegations of mismanagement and conspiracy that caused significant financial losses to SRB and its subsidiaries.
The suit also named former employees and consultants Syed Haroon Omar Alshatrie and Syed Muhammad Hasan Alsagoff, as well as Explorer Group Sdn Bhd, as defendants.
Shahril’s lawyer S Rabindra told the court that the issues pleaded in the other suit were similar to those raised in the current proceedings and that the documents could be filed as early as tomorrow.
Justice Leong Wai Hong then directed Shahril to file his application by Wednesday, with the other party to respond by Aug 27, and Shahril’s further reply to be submitted by Sept 2.
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 Musa.
The petition names SHSB, Shahril and Rameli, who is also a director, as respondents.
In the petition, Shahriman claims that an irreparable breakdown in mutual trust and confidence between Shahril and him, particularly over Project Apex, necessitated SHSB’s dissolution.
The respondents oppose the petition, contending that SHSB was never intended as a family business and that dissolution would be neither just nor equitable.
