KUALA LUMPUR (Oct 30): Datuk Shahriman Shamsuddin, managing director of property and aviation outfit Sapura Resources Bhd (KL:SAPRES), has tendered his resignation with immediate effect, having been put on garden leave for nearly two months.
Shahriman, who together with his brother Tan Sri Shahril Shamsudin hold an indirect 51.5% in Sapura Resources, had been put on garden leave since Sept 11, as the company initiated investigations against him.
In a filing with Bursa Malaysia on Wednesday, Sapura Resources said Shahriman has also resigned as director of the company, relinquishing directorship of the company's subsidiaries, including SRB One Sdn Bhd, Aero Handlers Sdn Bhd, Aerodome Services Sdn Bhd and Sapura Technics Sdn Bhd, which is currently under winding-up proceedings by the court.
"The board has decided to accept Datuk Shahriman’s resignation as managing director of the company and acknowledges his resignation as director of the company as well as his directorships of the said subsidiaries.
"The board is committed to upholding the highest standards of integrity and corporate governance," Sapura Resources said.
The tussle in Sapura Resources seemingly erupted when Shahriman filed a petition with the High Court on Sept 23 to wind up Sapura Holdings Sdn Bhd, the family’s investment vehicle, in which he and his brother Shahril own a direct stake of 40.5% each. Meanwhile, Brothers Capital Sdn Bhd, their other vehicle, holds a 15% stake in Sapura Holdings while Datuk Rameli Musa owns 4%.
The assets owned by Sapura Holdings include a 51.1% stake in Sapura Resources and an 11% stake in Sapura Energy Bhd (KL:SAPNRG). Shahril also holds a direct stake of 18.4% in Sapura Resources. The investment vehicle owns several private companies that are involved in businesses such as rail operations, luxury watches and services for the defence sector.
Following the winding-up petition, Sapura Resources on Oct 7 confirmed with Bursa Malaysia that Shahriman has been placed on a leave of absence effective Sept 11, pending ongoing investigations.
Its chief corporate officer Mai Eliza Mior Mohamad Zubir was appointed officer-in-charge to temporarily oversee the managing director's responsibilities. However, the company did not disclose the specific reasons for the investigation.
Three days later, Sapura Resources issued show cause letters to Shahriman and appointed a new acting managing director in Reza Abdul Rahim, who was redesignated from non-independent non-executive director to executive director. Mai Eliza, meanwhile, was relieved from acting as officer-in-charge of the company.
Sapura Resources, however, did not update whether the showcause letters were answered by Shahriman.
The Edge previously reported that Shahriman's leave of absence could be either due to the hiring of an unqualified individual at Sapura Resources, or potential conflict of interest arising from Shahriman's interest in aviation company Explorer Group Sdn Bhd, in which he has been a director since 2019.
Explorer Group is deemed an entity in competition with Sapura Resources’ two wholly-owned aviation-related businesses — Sapura Aero Sdn Bhd and DNest Aviation Sdn Bhd.
Shahriman was appointed to the board of Sapura Resources as a non-independent non-executive director in July 2005, before being redesignated as managing director in March 2007.
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