Sapura Holdings agreed to loan Sapura Resources RM192mil, court hears
Shahriman Shamsuddin is seeking to wind up Sapura Holdings Sdn Bhd, the parent entity of over 40 subsidiaries valued at RM832 million, including Sapura Resources Bhd.
KUALA LUMPUR : Sapura Holdings Sdn Bhd (SHSB) director Shahriman Shamsuddin today agreed that the company had approved RM192 million in financial assistance to Sapura Resources Berhad (SRB) six years ago.
The assistance was to allow SRB to settle its liabilities in connection with Permata Square, the group's flagship 52-storey office tower at KL City Centre.
Cross-examined by counsel S Rabindra, representing elder brother Shahril, Shahriman agreed that the decision was made at a board meeting held on July 23, 2019.
Present at the meeting were SHSB's then chairman Shamsuddin Abdul Kadir, Shahril, Shahriman, Rameli Musa, and Sapura Group's chief operating officer, Zarif Hashim.
However, Shahriman refused to concede the decision was never reversed.
Rabindra: In the course of my cross-examination, I have taken you through the minutes of four subsequent board meetings – on May 21, 2022, Aug 30, 2022, Oct 4, 2023 and Nov 21, 2023.
Shahriman: Yes.
Rabindra: Could you please confirm that there was no attempt by you at any of these board meetings to reopen or revisit the board decision made on July 23, 2019 to provide the financial assistance to SRB.
Shahriman: I disagree.
Rabindra then asked Shahriman to pinpoint where the request to revisit the decision contained, but Shahriman's counsel, Gopal Sreeenivasan, interjected: 'My Lord, this is something which can be left to submissions. The position has been put to the witness.'
Rabindra: Would you confirm that the decision at the July 23, 2019 meeting to provide financial assistance remained intact?
Shahriman: No, the position has changed.
Rabindra then told the court he will take the matter up in submissions.
Shahriman is seeking to wind up SHSB, the parent entity of over 40 subsidiaries valued at RM832 million, including the publicly listed SRB.
He has also named Shahril and Rameli as co-respondents.
Both Shahril and Shahriman hold a 48% stake in SHSB, with the remaining 4% owned by Rameli.
In the petition filed last September, Shahriman claims that an irreparable breakdown in mutual trust and confidence between him and Shahril necessitated SHSB's dissolution.
However, SHSB, Shahril and Rameli oppose the petition, contending that SHSB was never intended as a family business and that dissolution would be neither just nor equitable.
The hearing before Justice Leong Wai Hong continues.
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