KUALA LUMPUR (June 25): Sapura Energy Bhd (KL:SAPNRG) announced on Wednesday that Datuk Shahriman Shamsuddin has resigned from his post as a non-independent and non-executive director of the company "due to other commitments".
The resignation took immediate effect, according to Sapura Energy's bourse filing.
Shahriman holds an indirect 11.25% stake in Sapura Energy via Sapura Holdings Sdn Bhd, based on the company's latest annual report, together with his brother Tan Sri Shahril Shamsuddin. Shahril also has a direct 0.95% stake in the company.
The brothers are in the midst of a family feud, which came to light after Shahriman filed a petition in September 2024 to wind up Sapura Holdings, the family's private investment vehicle. Shahriman has claimed this is necessary for a fair distribution of assets, but Shahril is opposing it. The case is now in court.
Shahriman's resignation also came shortly after the Malaysian Anti-Corruption Commission (MACC) said earlier on the same day that it was investigating two separate cases involving Sapura Energy. One is the potential misuse of RM12 million in company funds in 2018, and another is a US$3.3 million (RM14 million) bribery case back in 2011, when Sapura Energy was known as SapuraCrest Petroleum Bhd.
Chief commissioner Tan Sri Azam Baki said the MACC's investigation into the 2018 case was undertaken under Section 23 of the MACC Act, which stipulates that it is illegal for anyone to misuse their position in a public body for personal gain. This investigation stemmed from Permodalan Nasional Bhd's investment into Sapura Energy that year.
As for the 2011 case, Azam said this is a separate probe involving allegations of bribery by a company based in Brazil to "a CEO" to obtain a project from SapuraCrest Petroleum.
Shahriman has been a director of the company since its SapuraCrest Petroleum days, from 2008 to 2012, when it merged with Kencana Petroleum Group to become SapuraKencana Petroleum Bhd. SapuraKencana Petroleum was renamed Sapura Energy in 2017.
Shahril, meanwhile, founded the group and helmed it as president and group chief executive officer for 25 years, before his retirement in March 2021.