SHAH ALAM (Nov 10): The drawn out legal battle to wind up the corporate vehicle of the co-founders of glove manufacturing giant Supermax Corporation Bhd has been settled with Datuk Cheryl Tan Bee Geok receiving RM37,028,347.28, while estranged husband Datuk Seri Thai Kim Sim (Stanley Thai) getting RM32,536,556.58.
High Court judge Wan Fadhilah Nor Wan Idris recorded the consent order on Tuesday, effectively resolving Tan's petition to wind up Sunimax Development Sdn Bhd (SDSB).
Under the terms of the deal, Sunimax will dispose of all its properties to settle outstanding debts owed to its creditors and contributories.
The company is mandated within 30 days to appoint either Knight Frank Malaysia or Jones Lang Wootton to value its properties, followed by a tender exercise to dispose of the assets at the highest available value.
According to the settlement, the funds will be used according to an order of priority:
First, to discharge all incidental costs and expenses related to the sale, including professional fees, taxes and property advances.
Second, the settlement of debts based on audited accounts as of Dec 31, 2025, specifically RM37,028,347.28 owed to the petitioner (Tan) and RM32,536,556.58 to Thai.
Third, any surplus will be used to settle debts to other creditors — including Supermax Realty Sdn Bhd (RM1,459,766.00) and Supermax Holdings Sdn Bhd (RM8,765,435.00) — followed by a sum of RM300,000 to be split equally between Tan and Thai, with any final balance distributed to contributories based on their shareholdings.
Tan was represented by S Ravenesan and Dhrrithi Patel of Messrs S Ravenesan, while Peter Neik, Chris Chin Shang Yoon, Nicholas Chia and Shanice Teo from Messrs Shang & Co acted for SDSB. Contributory Senzen Mastery Sdn Bhd was represented by Mark Ho Hing Kheong.
SDSB was set up to hold the assets of Thai and Tan on a 50:50 basis.
Tan alleges that SDSB relies on its holding company, Supermax Property Management Sdn Bhd (SPMSB), for financial backing and that funds were used by SDSB for investment activities, including acquisition of land.
SDSB's shareholding structure shows that it has two contributories, namely SPMSB holding 700,000 shares, and SenZen Mastery Sdn Bhd holding 300,000 shares.
Tan had filed for the winding up of SDSB on the basis of a RM37,028,347.28 debt due to her as a director of SDSB, pursuant to Section 465(1)(e) of the Companies Act 2016.
Thai then applied to intervene in the winding-up proceedings, which was rejected by the High Court and upheld by the Appelate court last month.
Both courts ruled that Thai does not have the legal standing to intervene as he is neither a creditor nor a contributory of SDSB.
The couple’s divorce proceedings remain pending in Family Court.