Latest news with #businessdispute
Free Malaysia Today
2 hours ago
- Business
- Free Malaysia Today
I was silent at Sapura board meetings, Shahriman tells court
Shahriman Shamsuddin (left) is petitioning to wind-up Sapura Holdings Sdn Bhd, the parent of the Sapura group valued at RM832 million, on account of an alleged breakdown of mutual trust and confidence with elder brother Shahril. KUALA LUMPUR : Sapura Holdings Sdn Bhd director Shahriman Shamsuddin told the High Court here that he did not oppose proposals made by elder brother Shahril to the Sapura Resources Bhd (SRB) board, citing a 'conflict' on account of them being siblings. In cross-examination, lawyer S Rabindra, representing Shahril, questioned Shahriman about complaints contained in his petition to wind-up Sapura Holdings due to an alleged breakdown of mutual trust between the brothers. In the petition, Shahriman had claimed that Shahril was 'effectively cornering' SRB into accepting either a RM100 million loan offered in September 2022, which involved a rights issue, or a RM40 million bridging loan offered by the Sapura group, failing which the company stood to lose its collateralised properties. 'The petitioner (Shahriman) was not consulted on this matter at Sapura Holdings level,' the document said further. Rabindra: Your point here is that Shahril is saying to SRB: 'You have to pay back the RM40 million that was previously advanced (by the Sapura group) unless you agree to carry out a rights issue based on the September 2022 terms and conditions.' Is that a fair summary of what you're saying? Shahriman: Pay immediately or do the rights issue. Another of Shahriman's complaints was that Shahril had written on behalf of Sapura Holdings to SRB, undertaking to provide financial assistance of up to RM152 million without consulting him. He also claimed Shahril had offered to personally underwrite any rights issue by SRB that was not taken up, to a value of RM113 million. Shahriman said this would dilute his position in both SHSB and SRB and break the 'equal joint holdings spirit' laid down by their parents. Rabindra: You mentioned earlier the distinction between Shahril's personal position and that of the company. As a director of Sapura Resources, during the time when letters were being exchanged, did you ever raise the question: 'Was this a private initiative (by Shahril), or an SRB initiative?' Shahriman: I did not raise it because I would have been conflicted. I am his brother and also a shareholder of the holdings. So I had to keep quiet. Rabindra: You sat on the Sapura Resources board with your brother, correct? Shahriman: Yes. Rabindra: You've disagreed with your brother during board meetings before, haven't you? Shahriman: Sometimes, yes, about this matter, too. Rabindra: So, in your capacity as a director of Sapura Resources, you could have raised the question: 'Why are we entertaining a personal proposal by Shahril?' Shahriman: Shahril is my brother. I'm not allowed to say anything at the board (meeting). Rabindra: I put it to you that that is far from the truth. You could have spoken up, you simply chose not to. Do you agree or disagree? Shahriman, however, chose not to respond. Sapura Holdings is the parent entity of over 40 subsidiaries valued at RM832 million, including the publicly-listed SRB. Both Shahril and Shahriman hold a 48% stake each in Sapura Holdings, with the remaining 4% owned by Rameli Musa. In the petition filed last September, Shahriman claims that an irreparable breakdown of mutual trust and confidence between him and Shahril necessitated the dissolution of Sapura Holdings. However, Sapura Holdings, Shahril and Rameli, all named as respondents, oppose the petition, contending that the company was never intended to be a family business and that dissolution would be neither just nor equitable. The hearing before Justice Leong Wai Hong will continue on June 13.
Free Malaysia Today
2 days ago
- Business
- Free Malaysia Today
Shahriman denies ‘blowing hot and cold' over collateral for Sapura tower
Shahriman Shamsuddin wants the High Court to wind up Sapura Holdings Sdn Bhd citing a breakdown of mutual trust with elder brother Shahril. KUALA LUMPUR : Sapura Holdings Sdn Bhd director Shahriman Shamsuddin today insisted he was not inconsistent as regards using the group's Sapura@Mines property as collateral to fund its business ventures. Testifying in his petition to wind up Sapura Holdings on grounds of a breakdown of mutual trust with elder brother Shahril, Shahriman said he had objected to using the property as collateral for the development of the group's flagship office tower. In his petition, Shahriman had claimed that his 'strained relationship' with Shahril had been 'exacerbated' by the differing opinions they voiced over Project Apex at a special board meeting of Sapura Resources Bhd (SRB) on Jan 31, 2023. Project Apex was the codename given by SRB for its joint venture with KLCC Holdings Sdn Bhd to develop Permata Sapura, a 52-storey office building in the KL city centre. Lawyer S Rabindra, representing Shahril, then referred Shahriman to the minutes of that meeting. Rabindra: At various board meetings and in relation to loan proposals that we've already gone through, you voiced strong concerns and protested the use of Sapura@Mines as collateral for Sapura Holdings' financial assistance, particularly for Permata. Correct? Shahriman: Yes, for Permata. Rabindra: Yet, at the board meeting on Jan 31, 2023, you were comfortable with Sapura Resources using Sapura@Mines as collateral for new projects. Is that correct? Shahriman: For other projects that were going to yield (returns). Rabindra: So there was a risk, according to you, that using Sapura@Mines as collateral for Permata could lead to a loss of the property, but here, you were quite happy to suggest using the same property for new ventures, despite the same risk. Correct? Shahriman: Not correct. Rabindra: But it is the same risk. There is still the possibility of losing the property. Shahriman: We know the negative risk of Permata. But there were other projects that we could have gone into. Rabindra: I suggest to you that you were blowing hot and cold with respect to the use of the Sapura@Mines property as collateral. Shahriman: I disagree. Shahriman also agreed that, in essence, he had wanted SRB to exit Project Apex, while Shahril wanted to remain in it. Rabindra: I'm suggesting to you that this was a difference of opinion between two directors of a public-listed company about what they see as being in the best interest of the company. Do you agree? Shahriman: Agree. That was a difference of opinion. Rabindra: And this was openly discussed at the Jan 31 board meeting. Correct? Shahriman: Yes. Rabindra: So it essentially came down to a commercial disagreement between two directors on a matter of business judgement based on what is best for SRB? Shahriman: On a matter of business judgement, a difference of opinion, yes. Sapura Holdings is the parent entity of over 40 subsidiaries valued at RM832 million, including the publicly-listed SRB. Both Shahril and Shahriman hold a 48% stake each in Sapura Holdings, with the remaining 4% owned by Rameli Musa. In the petition filed last September, Shahriman claims that an irreparable breakdown of mutual trust and confidence between him and Shahril necessitated the dissolution of Sapura Holdings. However, Sapura Holdings, Shahril and Rameli, all named as respondents, oppose the petition, contending that the company was never intended to be a family business and that dissolution would be neither just nor equitable. The hearing before Justice Leong Wai Hong continues.
Japan Times
2 days ago
- Business
- Japan Times
Suspect in Dalian murder of Japanese nationals identified
Local authorities revealed further details Tuesday about the killing of two Japanese nationals in the northeastern Chinese city of Dalian late last month, including the suspect's surname and the apparent motive behind the crime. The suspect, identified only as a 42-year-old man with the surname Yuan, is a Chinese national and a long-term resident of Japan, according to a statement issued by the Dalian Public Security Bureau on Tuesday. The two Japanese victims — who were Yuan's business partners while in Japan — were visiting China when they were murdered, the statement said, adding that a business dispute with the suspect was allegedly the motive behind the killings on May 23. The Japanese Consulate General in Shenyang was notified about the incident on May 25. Local authorities told the mission at the time that the suspect had been taken into custody in connection with the killings. Given the nature of the incident, the consulate has not issued a safety warning to other Japanese nationals residing in the region, it told The Japan Times on Tuesday. Relevant authorities of the Dalian city government have informed the victims' families, who went to Dalian after the incident and raised no objections to local authorities' explanations, according to the police statement. They returned to Japan on Sunday after the bodies of the victims were cremated. Chinese Foreign Ministry spokesperson Lin Jian said at a news conference on Tuesday that the case is undergoing further investigation and that Chinese authorities will handle the case in accordance with the law. Foreign Minister Takeshi Iwaya said Tuesday in a news conference that the government is currently providing necessary support to the victims' families.
The Independent
2 days ago
- Business
- The Independent
2 Japanese men were killed in northern China in a business dispute, police say
Two Japanese men were killed last month in the Chinese port city of Dalian because of a dispute with a Chinese business partner, police said Tuesday. The partner, a 42-year-old man surnamed Yuan, was arrested May 24, one day after the killings were reported to Dalian police. Yuan is a long-time resident of Japan and did business with the victims in that country and the Japanese men were visiting China, a Chinese police statement said. The police statement did not say what the dispute was about or how the victims were killed. Two stabbing attacks on Japanese schoolchildren last year have raised concern among Japanese about traveling to and living in China. In one case, a 10-year-old boy died, and in the other, a Chinese attendant on a school bus was killed after she tried to prevent the assailant from getting on the bus. Dalian, once known as Port Arthur to westerners, was a Russian naval base that was taken by Japan during the 1904-05 Russo-Japanese War.
Washington Post
3 days ago
- Business
- Washington Post
2 Japanese men were killed in northern China in a business dispute, police say
BEIJING — Two Japanese men were killed last month in the Chinese port city of Dalian because of a dispute with a Chinese business partner, police said Tuesday. The partner, a 42-year-old man surnamed Yuan, was arrested May 24, one day after the killings were reported to Dalian police. Yuan is a long-time resident of Japan and did business with the victims in that country and the Japanese men were visiting China, a Chinese police statement said.
