Latest news with #mutualtrust
Free Malaysia Today
4 days 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
6 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.
Arab News
01-06-2025
- Business
- Arab News
Pakistan, Afghanistan agree to establish ‘mutual trust' amid improving bilateral ties
ISLAMABAD: The foreign ministers of Pakistan and Afghanistan on Sunday agreed to continue working to establish 'mutual trust' between the two nations, Pakistan's foreign office said in a statement, amid recent improvement in ties between Kabul and Islamabad. Pakistan and Afghanistan this week agreed to upgrade diplomatic relations, with Islamabad announcing it would elevate its chargé d'affaires in Kabul to ambassadorial rank. Kabul said it would reciprocate the move. Ties between the two countries have been tense in recent years, with Pakistan accusing Afghanistan's Taliban administration of harboring militants involved in cross-border attacks, leading to a deportation drive against undocumented Afghan nationals. Kabul has criticized Pakistan's deportation drive and denied its nationals are involved in crimes on Pakistani soil. Deputy Prime Minister and Foreign Minister Ishaq Dar spoke to Afghanistan's Foreign Minister Amir Khan Muttaqi on the phone to discuss diplomatic relations between the two countries on Sunday. Muttaqi, according to Pakistan's foreign office, informed Dar that Afghanistan has decided to reciprocate Islamabad's gesture to upgrade diplomatic relations to the ambassador level, terming it a 'very positive development.' 'Both leaders also reviewed the implementation of decisions taken during DPM/FM's visit to Kabul on 19 April 2025 and vowed to continue working together to establish mutual trust between the two brotherly nations,' the Pakistani foreign office said. Efforts to ease tensions between the two countries also gained momentum in recent months. During a trilateral meeting with Chinese officials in Beijing in May, Pakistan and Afghanistan had announced plans to exchange ambassadors. Afghan authorities said this week Muttaqi is due to visit Pakistan 'in the coming days.' The two officials also spoke about the Uzbekistan-Afghanistan-Pakistan (UAP) Railway Line Project. Dar spoke to his Uzbek counterpart on Saturday to discuss the UAP, including the framework agreement and its signing mechanism. 'Emphasizing the importance of the Uzbekistan-Afghanistan-Pakistan (UAP) Railway Line Project for regional connectivity, both leaders agreed to work closely for an early finalization of the framework agreement,' the foreign office said. The UAP railway is a trilateral initiative aimed at enhancing regional connectivity by linking Central Asia with Pakistan's southern ports of Gwadar and Karachi through Afghanistan. Envisioned in 2021, the project is expected to improve trade access for landlocked countries and bolster economic integration in the region.
CBC
09-05-2025
- Politics
- CBC
Blackfoot leaders cautiously optimistic after signing memorandum with City of Calgary
The Blackfoot Confederacy signed a memorandum of understanding on communication and co-operation with the City of Calgary. Officials say the protocol agreement formalizes a renewed relationship built on mutual trust, respect, reciprocity and honesty.
