SHAH ALAM (Sept 25): Supermax Corp Bhd (KL:SUPERMX) co-founders Datuk Seri Stanley Thai and wife Datuk Wira Cheryl Tan Bee Geok have resolved the legal wrangle over their company that holds their interests in the glove manufacturer.

The settlement entitles the pair to a full disbursement of dividends from Supermax Holdings Sdn Bhd (SHSB) according to their shareholdings of 42.5% to Tan and 57.5% to Thai. SHSB holds 40.3% in Supermax Corp, the RM1.27 billion glove maker that the now estranged married couple founded in 1987.  

Counsel from both sides presented the draft consent order to Shah Alam High Court judge Rofiah Mohamad, who approved it. 
    
Both Thai and Tan have filed separate divorce and judicial separation proceedings, which are pending. In 2024, Tan had sought to wind up SHSB in order to directly control her stake in Supermax.       

With the dividend disbursement, Supermax Corp shares previous held by SHSB will be transferred to Tan and Thai proportionate to their stakes in the holding company. Tan will get 17.31% of the issued shares in Supermax Corp, while Thai will receive approximately 23.43%.

In seeking the winding up of SHSB, Tan had contended that the original purpose of the holding company was for the family’s estate planning. 

She had claimed that the arrangement was no longer workable as the marriage had deteriorated.

Last week, the Court of Appeal  set aside Thai's contempt conviction and RM60,000 fine for failure to disclose assets, and lifted an injunction on Tan's winding up bid.  

The three-member bench, however, dismissed Tan’s appeal for monthly maintenance following the removal of her RM1.3 million Supermax salary.

Tan was represented by Messrs S Ravenesan, SHSB by Messrs Jailani & Sheni, and Thai by Messrs Shang & Co.

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