KUALA LUMPUR (May 21): Tan Sri Shamsuddin Abdul Kadir, the founder of Sapura Holdings Sdn Bhd, testified on Wednesday that he had not received any benefit from his 15% shareholding in the company, after agreeing to transfer the shares to a private vehicle controlled by his sons.
Shamusuddin was testifying as a witness at the hearing of a petition to wind up Sapura Holdings, initiated by his son Datuk Shahriman Shamsuddin in September last year. The respondents also included Shahriman's brother, Tan Sri Shahril Shamsuddin.
Shamsuddin was questioned by Shahriman's lawyer Gopal Sreenevasan as to why he had transferred certain assets to the private vehicle known as Brothers Capital Sdn Bhd, and subsequently initiated legal proceedings against Shahril and Shahriman in 2012,
In response he said: “Shahril told me about Brothers Capital. It was to look after my 15% interest in Sapura Holdings. He told me that it (the 15% interest) was to be transferred to Brothers Capital and it will be held in trust for me. While I’m still alive, the benefit from Brothers Capital will be available to me”.
“[I sued my sons] because I didn’t get any benefit, although I was promised I would get the benefit from Brothers Capital. I asked them to return my properties and the 15% shares,” he added.
Both Shahriman and Shahril hold a 40.5% direct stake each in Sapura Holdings, while Brothers Capital has a 15% stake. Sapura Holdings director Datuk Rameli Musa owns a 4% interest in the company.
The hearing before judge Leong Wai Hong continues on Thursday.