Sapura Resources averted payment default thanks to last ditch injection by Sapura Holdings, court told

Thursday 17 Sep 2026

Make The Edge Malaysia your preferred source on Google

KUALA LUMPUR (June 3): The High Court heard on Tuesday that Sapura Resources Bhd (SRB) (KL:SAPRES) had averted a payment default after Sapura Holdings Sdn Bhd injected RM40 million into SRB just a day before the deadline for payment.

The payment, due to Impian Bebas Sdn Bhd, was in connection with the development of the Permata Square office tower project at KLCC, which was also known as Project Apex.

Impian Bebas, a 50:50 joint venture between SRB and KLCC Holdings Bhd (KLCCH), was the developer of the project.

This payment matter was brought up by lawyer Rabindra S Nathan while cross-examining Sapura Holdings director Datuk Shahriman Shamsuddin during the hearing of a winding-up petition initiated by Shahriman.

Rabindra, who is the lawyer for Shahriman's elder brother Tan Sri Shahril Shamsuddin, showed Shahriman a letter from Shahril which stated that Sapura Holdings had disbursed the RM40 million to SRB on Sept 29, 2022, before the deadline of Sept 30, 2022, thus averting the default in Impian Bebas.

Tan Sri Shahril Shamsuddin as seen at the Kuala Lumpur Courts Complex on June 3.

The RM40 million was needed to remedy the cash calls default payable by SRB to KLCCH as part of its obligations under Project Apex. KLCCH had issued a notice of default, requiring SRB to settle the RM40 million by Sept 30, 2022.

In the letter from Shahril, addressed to the board of directors of SRB, Shahril stated that because of the RM40 million assistance, a caveat was lodged on three parcels of land — a “Jalan Tandang” property, a “Jalan 219” property and the Sapura@Mines property — as security, pending finalisation of the definitive legal and security documents.

This letter enclosed a new term sheet for a RM100 million financial assistance to SRB, which included the previously disbursed RM40 million. The term sheet required SRB to provide collateral in the form of the three properties.

Shahriman, during questioning from Rabindra, was asked about the RM40 million financial assistance which was on offer since May 2021 but was not taken due to Shahriman’s objections to the board.

Shahriman agreed that he had concerns over using Sapura@Mines as collateral for the financial assistance, thus stalling the payment.

He disagreed that his brother Shahril was trying to find a middle ground to mitigate the consequences in the event of a default.

Rabindra: Do you agree that Tan Sri Shahril was trying to find a middle ground solution that was to mitigate the consequences of SRB in the event of default?

Shahriman: I disagree.

Shahriman added that the consequences would have been negative for SRB if KLCCH had taken action.

Rabindra: With financial assistance on offer since May 2021, the payment was only made literally on the very last day and the very last moment that it could have been made — on 30th September 2022. Do you agree?

Shahriman: I don't recall the exact date.

Rabindra: Do you agree that payment was made such that the default notice, the negative consequences were avoided?

Shahriman: It would have been negative if KLCCH took action.

The trial before judge Leong Wai Hong continues on Wednesday.

Shahriman filed the petition in September 2024 to wind up Sapura Holdings, 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 in the company, while their equally owned vehicle Brothers Capital Sdn Bhd has a 15% stake. Datuk Rameli Musa owns a 4% interest in the company.

Datuk Rameli Musa owns a 4% interest in Sapura Holdings Sdn Bhd.

Text Size