SAPURA RESOURCES FORMER MD TRIED TO MISLEAD BOARD TO SELL AVIATION UNIT AT A HUGE DISCOUNT

Sapura Resources Berhad (SAPRES) has announced it is has filed legal action against its former MD, Datuk Shahriman Shamsuddin, and other parties including Syed Haroon bin Omar Alshatrie, Syed Muhammad bin Hasan Alsagoff and Explorer Group Sdn. Bhd.

The legal action was initiated for breach of fiduciary, statutory, contractual, and trust duties; conspiracy to injure SAPRES and its subsidiaries; as well as assisting or facilitating breaches of duty by others. SAPRES is seeking damages valued at several million Ringgit.

This latest turn of events at SAPRES came following the completion of an internal probe. A police report was also made against Datuk Shahriman.

One of the outcomes of the investigation that led to the legal action include irrefutable evidence that Datuk Shahriman had purposely misled the Board to sell its aviation unit at a steep discount while he himself possesses information that the said unit can be much more profitable in the foreseeable future.

The aviation unit was supposed to be sold to RoyalJet, an Abu-Dhabi based luxury private jet company. In anticipation of the cheap sale, Explorer Group, in which Datuk Shahriman is also a shareholder and director, signed an agreement with RoyalJet to unlock the value of the said aviation unit so that he can reap a handsome profit.

This act is by all definitions a conflict of interest and it may not be the only time Datuk Shahriman has moved to undermine the business.

Powerful actors behind Sapura feud

While Datuk Shahriman’s actions may seem like he is trying to reap profits at the expense of a public listed company and its shareholders, there is more to this saga than meets the eye.

Whistleblower portal, The Corporate Secret has reported in their previous article, Datuk Shahriman filed a petition to wind up the Sapura Group of Companies AFTER the investigation into his wrong-doing was started by SAPRES.

We have come to understand that Datuk Shahriman’s actions in SAPRES and the winding-up petition are part of a larger, more ominous plan hatched by certain individuals who want to destroy the Sapura legacy altogether.

This plan began way back in 2012 when Datuk Shahriman’s father, Tan Sri Shamsuddin Abdul Kadir, sued his two sons, Datuk Shahriman and elder brother, Tan Sri Shahril, because he wanted back the RM450 million in assets he has given them as a gift following the death of Tan Sri Shamsuddin’s wife, Puan Sri Siti Sapura Husin. The assets were the late Puan Sri’s shares in the business.

Tan Sri Shamsuddin was compelled to do this AFTER he got married again to then 30-year-old Puan Sri Mariam Parineh from Iran in 2007. The matter was eventually settled out of court.

More recently, on 26 July 2022, Tan Sri Shamsuddin also transferred ALL his shares in public listed Sapura Industrial Berhad to his wife, Puan Sri Mariam, who is now a Board member of the company. Lately, Sapura Industrial, now fully controlled by Puan Sri Mariam, has announced plans to diversify and rebrand itself.

Clearly, a trend towards the dismantling of the entire Sapura Group of Companies has already begun. Could it be that someone has a grudge towards the Sapura name? Sapura was actually the name of the late wife of Tan Sri Shamsuddin. It is known amongst Sapura Management Mariam Parineh is now making her move to build her own legacy.

Strategic move to destroy the group

Another case in point is that someone had convinced Datuk Shahriman to sell off Permata Sapura, a RM1.3 billion 52-storey property, for a fraction of its value. Many view this as a move to raise enough funds to buy-out the aviation unit of Sapura Resources and seal the alliance with RoyalJet.

Because this plan had backfired, Datuk Shahriman then filed the petition to wind up the group. There is talk that he would not have done what he had done without help and ‘pressure’ from someone ‘higher’. Similarly, his father would also not have opted to side one son over the other for at 90+ years old, he has nothing more to gain.

It is important that people outside of the Sapura group look at who will stand to gain the most from a broken-up business group. Surely not Tan Sri Shamsuddin or even his sons, Tan Sri Shahril and Datuk Shahriman, who themselves already have stakes in the group. The group is also doing well. currently especially with government intervention to help the group.

Why should the public even care about a family feud? While the going-ons at Sapura Group may seem as intriguing as a drama series, what is important to note is that people’s jobs and national interest are at stake when irresponsible parties play Game of Thrones.

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