Sarawak Cable rejects Abu Bekir's denial on lawsuit
SARAWAK Cable Bhd (SCB), currently under interim judicial management, has refuted claims that its major shareholder and director, Datuk Seri Mahmud Abu Bekir Taib (picture), was unaware of or did not support the board's decision to initiate legal proceedings against the liquidators of its subsidiary, Leader Cable Industry Bhd (LCIB), over alleged misconduct in asset disposals.
In an announcement today, the company said the board had duly deliberated and recorded the decision prior to making the announcement, and the meeting was witnessed accordingly.
The clarification comes after The Edge reported that a lawyer representing Abu Bekir had issued an email denying his involvement and support for the board's legal action, further alleging external influence by UK-based Serendib Capital Ltd.
Sarawak Cable described the lawyer's statements as 'untrue' and accused unnamed legal representatives of interfering in the company's internal affairs.
The legal dispute unfolds amid broader boardroom and shareholder tensions, as Serendib — once positioned as a white knight — has filed a separate lawsuit against SCB, Abu Bekir, and six other directors.
Meanwhile, Abu Bekir is seeking to intervene in the ongoing judicial management proceedings, which were triggered by a creditor's claim over unpaid legal fees.
SCB has been under PN17 status since September 2022 and is still in the process of formulating a regularisation plan.
Shares in Sarawak Cable fell 10.5% to close at 8.5 sen today, valuing the company at RM33.9 million. –TMR
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