Sapura Resources Bhd and its subsidiaries have filed a lawsuit against former managing director Datuk Shahriman Shamsuddin and three others, accusing them of breaching fiduciary, statutory, and contractual duties, and conspiring to harm the companies. This follows an internal investigation into Shahriman, completed on March 10, with findings reported to the Companies Commission of Malaysia (SSM) and Bursa Malaysia. The company also filed a complaint with the SSM for possible violations of the Companies Act 2016 concerning conflicts of interest and lodged a police report as mandated by the SSM.
Sapura Resources Bhd, along with its subsidiaries Sapura Aero Sdn Bhd and Aerodome Fife Sdn Bhd, filed a lawsuit on April 10 at the High Court of Malaya in Kuala Lumpur against former managing director Datuk Shahriman Shamsuddin, former employees/consultants Syed Haroon Omar Alshatrie and Syed Muhammad Hasan Alsagoff, and Explorer Group Sdn Bhd.
The plaintiffs are seeking RM3.2 million for deposits paid to Malaysia Airports Holdings Bhd, mutual separation scheme payments, consultancy fees, trip expenses, salaries, and legal costs. They also seek general, aggravated, and equitable compensation for losses, including missed business opportunities like an IPO valued at RM82.1 million. Shahriman, who resigned on October 30, 2024, after being placed on garden leave in September 2024, holds a 51.5% indirect stake in Sapura Resources with his brother Tan Sri Shahril Shamsuddin.
The brothers are in a public feud, with Shahriman filing to wind up their family’s investment vehicle, Sapura Holdings Sdn Bhd, in September 2024. The investigation into Shahriman reportedly involves hiring an unqualified individual or a conflict of interest tied to his role in Explorer Group, a competitor to Sapura Resources’ aviation businesses. Sapura Resources’ shares closed at 25 sen, with a market capitalization of RM65 million.
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