KUALA LUMPUR (May 26): Datuk Shahriman Shamsuddin, director of Sapura Holdings Sdn Bhd (SHSB), told the High Court that he had objected to a RM192 million injection through Sapura Resources Bhd (KL:SAPRES) to build Permata Square, a 52-storey tower in Kuala Lumpur City Centre — despite board meeting minutes showing no such objections.

Permata Square, known as Project Apex, was developed by Impian Bebas Sdn Bhd, a 50:50 joint venture between Sapura Resources and KLCC Holdings formed in 2011.

In 2019, Sapura Resources needed RM178 million to complete Permata Square. This rose to RM192 million after it agreed to subsidise rent for two related companies, Sapura Energy and SEB Upstream, as part of a master lease deal that also involved Sapura Secured Technologies.

During cross-examination, counsel Rabindra S Nathan, representing Shahriman’s elder brother, Tan Sri Shahril Shamsuddin, questioned Datuk Shahriman on whether he had raised any objections in SHSB board meetings about providing RM192 million to Sapura Resources for the Project Apex joint venture. Rabindra pointed to meeting minutes showing no record of objections, but Shahriman disagreed with his claim.

Rabindra: Just to refresh, I believe you would agree with me that the board unanimously approved the proposal to provide financial assistance for Sapura Resources Bhd’s cash requirement of RM192 million for Project Apex, yes?

Shahriman: Yes.

Rabindra: By this stage in my cross-examination, I have taken you through and you have checked the minutes of the board of directors of Sapura Holdings Bhd. Now my question: Could you please confirm for the record that there was no attempt by you, in any of these board meetings, to reopen or revisit the board decision to provide RM192 million in financial assistance to Sapura Resources Bhd’s Project Apex?

Shahriman: I disagree.

Rabindra asked Shahriman to show exactly where in the meeting minutes he raised his concerns. Shahriman’s lawyer, Gopal Sreenevasan, objected, and the judge agreed the issue should be addressed in final submissions.

The case is scheduled to continue before Justice Leong on June 3, 2025, at 2.30pm.

Shahriman filed a petition on Sept 23, 2024, to wind up SHSB, believing it is needed for a fair asset distribution. Shahril, however, opposed this, claiming it is not a family company.

Both Shahriman and Shahril hold a 40.5% direct stake each, while their equally owned vehicle Brothers Capital Sdn Bhd has a 15% stake. Datuk Rameli Musa owns a 4% interest in the company.