No documents to prove Sapura a family business, founder tells court
KUALA LUMPUR : The founder of the Sapura group admitted in the High Court today that there was no documentary evidence to prove Sapura Holdings Sdn Bhd (SHSB) was a family company.
Shamsuddin Abdul Kadir, 90, was testifying in a petition brought by his son Shahriman, 56, seeking to wind up SHSB.
SHSB is the parent company to more than 40 subsidiaries valued at RM832 million. The group includes listed entity Sapura Resources Bhd.
Shahril, 63, and Shahriman each own a 48% stake in SHSB, with the remaining 4% held by Rameli Musa, 79.
In an affidavit affirmed on Feb 3, Shamsuddin took issue with Shahril and Rameli's denial that SHSB was always intended to be a family company and that the relationship between shareholders was premised on mutual trust and confidence.
'I am quite taken aback by their denial as it was not a subtle understanding and it was repeated throughout the years and informed in many meetings and decisions,' the affidavit read.
Cross-examined by counsel Ranjit Singh, representing Rameli, Shamsuddin conceded he had no documents to back up that claim.
Ranjit: Although you said that you had repeated it throughout the years in many meetings and decisions, (do you agree) there's no document that you can produce to prove what you said?
Shamsuddin: No document. It was an understanding.
Ranjit: In various parts of your affidavit, you said SHSB remains a family company. I put it to you that originally, when you and your wife were the shareholders, it was a family company, but with Rameli's introduction (as a shareholder), that concept of family company ceased.
Shamsuddin: I disagree.
Asked by Ranjit about Rameli's role if a dispute arose between the brothers, Shamsuddin said it was not his intention that Rameli would align himself with either one of them to form a decision-making majority.
Ranjit: Your sons may have differing views on different issues. So assuming one of your sons said 'yes', and the other said 'no', would you accept that Rameli could use his judgement and break the deadlock?
Shamsuddin: Correct.
Ranjit: I put it to you that when you said it was not your intention that Rameli would align himself to any of the brothers to form a majority, that is a false statement because he has to make his own judgement.
Shamsuddin: My intention was for them to work together.
The cross-examination of Shamsuddin will continue before Justice Leong Wai Hong on May 15.
The hearing was scheduled to begin yesterday, but was postponed to today to facilitate settlement negotiations. FMT understands that those talks are ongoing.
In the petition filed in September last year, Shahriman said the winding-up was necessary due to an irreparable breakdown of mutual trust and confidence between Shahril and himself.
SHSB, Shahril, and Rameli, all named as respondents, oppose the petition. They claim SHSB was never intended to be a family company and that it would not be just and equitable for the company to be wound up.
Lawyers Rabindra S Nathan appeared for Shahril, while Idza Hajar Ahmad Idzam represented SHSB.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Free Malaysia Today
6 hours ago
- Free Malaysia Today
E-hailing firms Maxim, inDrive granted 3-month probation
In May, Apad revoked inDrive Malaysia's operating licence after it reportedly failed to comply with regulations introduced by the agency in 2019. (inDrive pic) PETALING JAYA : Russian-founded e-hailing firms inDrive and Maxim have been placed under a three-month probation period after successfully appealing the revocation of their operating licences. The Land Public Transport Agency (Apad) said the two companies were ordered to take corrective measures to continue operating, particularly regarding e-hailing vehicle permits (EVPs). 'To meet this condition, Maxim and inDrive have improved their registration system to ensure all of their drivers have valid EVPs before they can start operating. 'Both companies have also given Apad 'view only' access to their data to make it easier to cross-check their data on EVPs,' it said in a statement. Apad said it conducted a random check on their drivers on July 11 and found that everything was in compliance. The agency and the road transport department had found the improvements made by the companies satisfactory, and agreed to place Maxim and inDrive under a three-month monitoring period, effective tomorrow. 'To ensure the continuous commitment of both operators, their representatives are required to turn up at the Apad headquarters every month throughout the monitoring period. 'These sessions are aimed at allowing Apad to conduct real-time monitoring, with random checks conducted on drivers via the inDrive and Maxim applications,' it said. In May, both firms were ordered to halt operations from July 24 after failing to comply with Apad's regulations introduced in 2019. In September 2022, the road transport department raided inDrive's Malaysian office and discovered that the firm was operating with an expired licence. In 2023, Maxim was also raided by Apad officers for allowing vehicles to operate without a valid permit.
Free Malaysia Today
6 hours ago
- Free Malaysia Today
Japan's PM Ishiba to announce resignation next month, says Mainichi
Japan's Prime Minister Shigeru Ishiba is expected to meet ruling party heavyweights later today for discussions on the election outcome. (AP pic) TOKYO : Japanese Prime Minister Shigeru Ishiba plans to announce his resignation by the end of next month, the Mainichi newspaper reported today. Ishiba is facing growing opposition from within his Liberal Democratic Party for his vow to stay in power despite the ruling coalition's bruising defeat in Sunday's upper house election. According to the Yomiuri daily, Ishiba told his close associates yesterday evening that he would explain how he would take responsibility for the election loss once a solution was reached on trade negotiations. In a post on Truth Social posted today, Asian hours, US President Donald Trump said he had just completed a 'massive' deal with Japan that included US$550 billion in investments into the US. Speaking after Trump's post, Ishiba said he was ready to meet or speak over the phone with Trump after being briefed on the details by Japan's top trade negotiator Ryosei Akazawa, who has been in Washington for trade talks. 'I can't say until I scrutinise the outcome of the agreement,' Ishiba told reporters when asked how the deal with Washington could affect his decision on whether to step down. In explaining his decision to stay on, Ishiba has stressed the need to avoid creating a political vacuum as Japan faced challenges including difficult trade negotiations with the US that would have a huge impact on the export-reliant economy. 'I will stay in office and do everything in my power to chart a path toward resolving these challenges,' Ishiba said in a news conference on Monday, adding that he intended to speak directly with Trump as soon as possible and deliver tangible results. Ishiba is expected to meet ruling party heavyweights later today for discussions on the election outcome.
Free Malaysia Today
6 hours ago
- Free Malaysia Today
Taiwan plans AI projects to boost economy by US$510bil
Taiwan's Premier Cho Jung-tai said Taiwan aims to leverage its information and communications technology sector to become a 'smart technology island'. (EPA Images pic) TAIPEI : Taiwan plans to launch its 'Ten Major AI Infrastructure Projects' initiative, aimed at generating more than T$15 trillion (US$510 billion) in economic value by 2040 as it strives to become a global leader in artificial intelligence (AI). Premier Cho Jung-tai said in a Facebook post late yesterday that Taiwan aims to leverage its information and communications technology (ICT) sector and world-leading semiconductor manufacturing capabilities to become a global AI influencer and a 'smart technology island'. Under the initiative, Taiwan has identified three core technologies as strategic priorities: silicon photonics, quantum technology and AI robotics. Silicon photonics is a technology that Taiwan's TSMC, the world's largest contract chipmaker, and many other firms in the industry are actively developing. The government aims to position Taiwan as a global leader in silicon photonics by aligning the sector with future AI development needs. Taiwan also hopes to become a key hub for AI robotics by tapping its hardware and ICT supply chains. Industry groups, including one led by Foxconn chairman Young Liu, have backed the move with the formation of the Taiwan AI Robotics Industry Grand Alliance yesterday to support the local development of AI robotics and related ecosystems. Taiwan also plans to establish a quantum technology industry chain. The 10 projects also include the development of sovereign AI – ability to build and control domestic AI technologies – and computing infrastructure, efforts to balance AI development across different regions of the island, and the introduction of AI across a wide range of industries. The government also calls for expanding investment in AI innovation, with more than T$100 billion (US$3.08 billion) in venture capital funding, as it seeks to become a global hub for AI talent and investment. The initiative targets the creation of 500,000 jobs and the establishment of three international-level research laboratories.
