Shahriman's objections delayed Sapura honouring cash call, trial hears
KUALA LUMPUR : Sapura Holdings Sdn Bhd director Shahriman Shamsuddin was told in court today that his objections resulted in a 16-month delay in Sapura Resources Bhd (SRB) meeting a RM40 million cash call for the development of an office tower.
During cross-examination, lawyer S Rabindra, representing elder brother Shahril Shamsuddin, pointed out to Shahriman that Sapura Holdings, SRB's parent company, had made an offer of financial assistance on May 4, 2021.
He said the delay stemmed from Shahriman's objection to a proposal by Sapura Holdings that SRB's Sapura@Mines property be used as collateral for the financial assistance.
Shahriman agreed that several documents annexed to his petition reflected his concerns over SRB allowing the property to be used as security.
The property was eventually offered as collateral, along with two other land parcels in Jalan Tandang and Jalan 219 in Petaling Jaya.
In a letter dated Feb 28, 2023, Shahril informed SRB's board of directors that the RM40 million disbursement had been made, with the three parcels of land used as collateral.
Shahriman confirmed the letter and its contents in court. However, he refused to acknowledge that Shahril had used his best efforts to find a middle ground to avoid the consequences of a default.
He also agreed the financial assistance ensured SRB avoided defaulting on the RM40 million payment to Impian Bebas Sdn Bhd.
Impian Bebas is a joint venture between SRB and KLCC Holdings Sdn Bhd to develop Permata Sapura, a 52-storey tower in the KL city centre and flagship building of Sapura Holdings.
Rabindra: With financial assistance on offer since May 2021, the payment was only made at the very last moment — on Sept 30, 2022. Do you agree?
Shahriman: I don't recall the exact date.
Rabindra: Do you agree that the payment avoided the default notice and its negative consequences?
Shahriman: It would have been negative if KLCC Holdings had taken action.
Shahriman is seeking to wind up Sapura Holdings, 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, who is also named as a respondent.
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 are opposing 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 continues before Justice Leong Wai Hong.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
a minute ago
- The Star
Malaysia's new ambassador to US pledges stronger bilateral relations
Photo courtesy of Bernama KUALA LUMPUR: Malaysia's new Ambassador to the United States, Tan Sri Muhammad Shahrul Ikram Yaakob, reaffirmed his commitment to further strengthening the Malaysia-US bilateral relationship during a credentials ceremony with President Donald J. Trump at the White House. In a Facebook post on Saturday, the Embassy of Malaysia in Washington, D.C. stated that Muhammad Shahrul Ikram presented his Letter of Credence to Trump during the Presentation of Credentials Ceremony at the White House on July 24. The ceremony officially marked him as the 18th Ambassador Extraordinary and Plenipotentiary of Malaysia to the United States. "During the ceremony, Muhammad Shahrul Ikram had the opportunity to briefly exchange warm pleasantries with Trump, conveying his commitment to further strengthen the Malaysia-United States bilateral relationship. "He also thanked the President for Secretary of State Marco Rubio's participation in the recent 48th ASEAN Foreign Ministers' Meeting and Related Meetings, held in Kuala Lumpur from July 8 to 11, which further reaffirmed the US's commitment to the region as well as the deepening of the Malaysia-US Comprehensive Partnership,' the embassy stated. Over the past six decades since 1957, Malaysia-US's ties have grown into a multifaceted partnership encompassing political, economic, defence and security, educational, and people-to-people cooperation. Muhammad Shahrul Ikram is a former secretary-general of the Foreign Ministry and a veteran diplomat with over 35 years of service. Born in Pahang, Muhammad Shahrul Ikram holds a Bachelor of Science (Honours) in Ecology from Universiti Malaya and completed the Advanced Management Programme at Harvard Business School in 2009. He began his career at the Foreign Ministry in 1988 as an Administrative and Diplomatic Officer. During his career in the public service, Muhammad Shahrul Ikram also served as Malaysia's Ambassador to Qatar and Austria, as well as Permanent Representative to the United Nations in New York. His previous diplomatic assignments included stints at Malaysia's diplomatic missions in Vienna, Washington, D.C., and Beijing. He also held the positions of Deputy Secretary General of Bilateral Affairs, Director General of Asean-Malaysia National Secretariat (during Malaysia's Chairmanship of Asean in 2015) and Undersecretary of Multilateral Political Division. - Bernama
The Sun
a minute ago
- The Sun
Malaysia's new US ambassador pledges stronger bilateral ties
KUALA LUMPUR: Malaysia's new Ambassador to the United States, Tan Sri Muhammad Shahrul Ikram Yaakob, has reaffirmed his commitment to enhancing Malaysia-US relations during a credentials ceremony with President Donald J. Trump at the White House. The Embassy of Malaysia in Washington, D.C., confirmed in a Facebook post that Muhammad Shahrul Ikram presented his Letter of Credence to Trump on July 24, officially marking his appointment as Malaysia's 18th Ambassador to the US. During the ceremony, Muhammad Shahrul Ikram briefly exchanged pleasantries with Trump, expressing his dedication to deepening bilateral ties. He also thanked the US President for Secretary of State Marco Rubio's participation in the recent 48th ASEAN Foreign Ministers' Meeting held in Kuala Lumpur, which reinforced US engagement in the region. Malaysia-US relations have evolved over six decades into a broad partnership covering political, economic, defence, security, and educational cooperation. Muhammad Shahrul Ikram, a seasoned diplomat with over 35 years of service, previously served as Secretary-General of the Foreign Ministry. He holds a Bachelor of Science in Ecology from Universiti Malaya and completed Harvard Business School's Advanced Management Programme in 2009. His diplomatic career includes postings in Qatar, Austria, and as Malaysia's Permanent Representative to the UN in New York. He has also served in diplomatic missions in Vienna, Washington, D.C., and Beijing. - Bernama
.jpg&w=3840&q=100)
Daily Express
a minute ago
- Daily Express
Women Entrepreneur Committee Sabah calls for safer online transactions
Published on: Saturday, July 26, 2025 Published on: Sat, Jul 26, 2025 Text Size: Mae also praised the National Consumer Policy 2.0 as a tool to improve financial literacy, encourage informed spending, and reduce disputes through a clearer definition of consumer rights and responsibilities. Kota Kinabalu: As more Malaysians turn to online transactions, investments and financial planning, secure digital infrastructure and legal safeguards are critical to protecting consumers and upholding public trust in the nation's digital economy. Treasurer of the Women Entrepreneur Committee (WEC) under the Malaysia-China Chamber of Commerce (MCCC) Sabah, Mae Chai, voiced strong support for the government's planned National Consumer Policy 2.0 (2026–2030) and efforts to update the Electronic Commerce Act both spearheaded by Domestic Trade and Cost of Living Minister Datuk Armizan Mohd Ali. 'These aren't just policy improvements, they're foundational to building a safer, more resilient financial environment for all Malaysians,' Mae said. She described the reforms as both timely and necessary, especially as fintech adoption accelerates. 'The current ecommerce law is outdated. With rising cases of scams, fraud, and unauthorised financial activities, legal protections must evolve in tandem with technology. 'We need enforceable, transparent laws that safeguard consumers in every corner of the digital space,' she said. Mae welcomed the government's move to broaden accountability beyond conventional businesses to include digital service providers and fintech platforms, saying this reflects a modern, inclusive approach to regulation. She further emphasized that regulatory clarity benefits not only consumers but also financial advisers like herself. 'When the rules are clear, we can guide clients through complex decisions whether in investments, insurance, or long-term planning with greater confidence and compliance.' Mae also praised the National Consumer Policy 2.0 as a tool to improve financial literacy, encourage informed spending, and reduce disputes through a clearer definition of consumer rights and responsibilities. She believes this will boost public confidence and promote healthier financial behaviours, particularly in underserved regions like Sabah. 'In places where consumer awareness and digital access are still developing, these reforms could be transformative. 'It's about empowerment, protecting people and encouraging entrepreneurship at the same time. Under the leadership of MCCC Sabah President Datuk Dexter Lau, Mae said the WEC is fully committed to supporting national initiatives that foster inclusive development and strengthen the financial ecosystem. 'We're proud to stand behind these efforts. 'This is how we build an inclusive, secure, and future-ready Malaysia,' she said. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
