The legal dispute between Sapura Holdings Sdn Bhd (SHSB) director Datuk Shahriman Shamsuddin and his brother, SHSB group CEO Tan Sri Shahril Shamsuddin, over a winding-up petition has been amicably settled out of court. The settlement was disclosed to High Court judge Leong Wai Hong on Wednesday by lawyers representing all parties.
Tan Sri Shahril Shamsuddin (left) and Datuk Shahriman Shamsudin.
The winding-up petition, filed by Shahriman on Sept 23, 2024, sought to dissolve SHSB to ensure a fair division of assets. Shahril and minority shareholder Datuk Rameli Musa opposed the move, arguing that SHSB is not a family company. Both brothers hold 40.5% of the company each, while their jointly owned vehicle, Brothers Capital Sdn Bhd, holds 15%, and Rameli owns 4%.
The dispute centered on the division of assets, particularly the jointly owned Permata Sapura office project with KLCC Holdings, part of the development project called Project Apex. Shahriman argued that Sapura Resources Bhd lacked the capital to manage and operate the 52-storey skyscraper near KLCC, while Shahril proposed injecting funds through a cash call.
Sapura patriarch Tan Sri Shamsuddin Abdul Kadir stated that SHSB was founded as a family company to be equally controlled by his two sons. The winding-up petition was based on claims of a complete breakdown in trust and confidence between the brothers, who agreed they could no longer work together.
Under Project Apex, a joint venture with KLCC Holdings in 2011, the Permata Sapura project cost about RM1.26 billion. A master lease agreement with Sapura Resources as tenant did not materialize after Sapura Energy Bhd, previously an oil and gas giant, came under Permodalan Nasional Bhd (PNB) control in 2018 following a series of rights issues.
In 2023, KLCC Holdings proposed an RM85 million exit for Sapura Resources from Project Apex, supported by Shahriman but opposed by Shahril.
The settlement formally ends the winding-up case, while other ongoing legal matters involving the family—such as Shahriman being sued for alleged breaches and disputes over a 1997 hibah (gift) of SHSB shares—are expected to be resolved amicably.
Lawyers confirmed that the settlement was mutual and confidential, with no family members present in court. The winding-up proceedings had included testimony from both Tan Sri Shamsuddin and Shahriman, with Shahriman undergoing cross-examination at the time of the settlement.
