A news report appeared on FMT on May 22nd few weeks ago.
Since public attention were diverted to MEX, Maju Holdings, and owner Tan Sri Abu Sahid, not publicity on the yet another Sapura family dispute. Back in 2012, the builder of Sapura, Tan Sri Shamsuddin Kadir sued his two sons over asset redistribution before it was finally settled out of court.
This time, the dispute being battled out in court arise following the younger Dato Shahriman Shamsuddin's application to wind-up the family company, Sapura Holdings which in turn has interest in public listed Sapura Resources Berhad [ticker SAPRES and stock code 4596].
Tan Sri Shahril Shamsuddin, the elder of the two siblings disagree and their legal argument in court is based on the premise it is not a family company and it is normal commercial dispute. The 4% shareholder of the family's holding company and a protege of the father picked up from a faculty at UTM Jln Gurney (now Jln Semarak), Rameli Musa sided with Shahril.
The FMT report provided an inside into Shahril's compulsive, obsessive and egoistic character that ultimately led to the failure of Sapura Energy.
If he gets control of the family holding company, Sapura Holding and consequently Sapura Resources, Sapura Group started by Shamsuddin could be left to ruin and suffer the same fate as the Sapura Energy Berhad that was bailed out by PNB and government.
Collusive tender?
MACC freezes RM217mil linked to corporate figure
17 days ago
FMT Reporters
The funds, in 100 bank accounts, are part of a probe into a money laundering case with links to other countries, says MACC chief Azam Baki.
PETALING JAYA: The Malaysian Anti-Corruption Commission has frozen RM217 million in 100 personal, company and family accounts linked to a corporate figure involved in a money laundering probe.
MACC chief commissioner Azam Baki said the agency has recorded statements from five people, including the corporate figure, and 13 more witnesses would be called.
He said the statements were crucial for the probe into a corruption case involving a Brazilian company and offshore firms controlled by two Malaysian proxies.
“It involves money laundering from a Brazilian investment contract, channelled through several offshore companies run by the proxies whom we suspect of corruption.
“We need time as this case involves foreign jurisdiction. We’re seeking cooperation from Brazil, Singapore, the Netherlands and others,” Buletin TV3 quoted him as saying.
Azam said MACC had opened two investigation papers to track the transactions from here to the countries of origin.
“One of them is under the MACC Act 2009 for corruption, and the other is under Section 4(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 for money laundering,” he said.
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This report points to Sapura Energy and sources confirmed it.
Will the investigation uncover what was widely talked about in the local oil and gas industry of procurement fraud termed as collusive tendering happening at Sapura Energy? Have such daring and repulsive act to create cash stash been rampantly happening that led to Mokhzani leaving the Sapura Kencana Berhad (later became Sapura Energy)?
If MACC investigation could uncover it, then it could avert Shahril from taking another self destructive path on another of Sapura Group of Company.
Holding out for another bailout
Coming back to the family dispute, Shahril had Shariman placed under probation for police investigation over alleged conflict of interest.
It is obviously the usual chess move in any corporate battle when this move, increasing the number of members on the Board of Directors with friendly parties, and plan to increase Shahril's shareholding and control on Sapura Resource.
The Explorer-RoyalJet seemed a convenient to trumped up charge. So do the nonsense being spread by those friendly to Shahril which claimed winding up the holding company means few thousand jobs lost at the operating company Sapura Resources.
More bizarre is the claim that the 2012 lawsuit by the father that arised out of his marriage to an Iranian was a manouvre by Savak, the Iranian secret service to control a strategic government strategic asset. Since when is Sapura government owned?
All this to resist sales of a JV property development between Sapura Resources and KLCC Holdings which could risk bleeding the company in hundreds of millions instead of coming out clean without debt, financial obligation of the Master Lease Agreement, and a tidy profit.
Shahril lost Sapura Energy Berhad and now need to nurse his lost pride by holding on to Sapura Resources. But at what cost with Sapura Energy not moving into the Permata Sapura building and shifted from The Mines to PNB building? And, there is a glut in property for the next five years with new similar status property rising and economy not chugging along well. Is this typical of Shahril compulsive risk taking in Sapura Energy that backfired big time and costing billions for PNB and government to bailout?
Despite the glory of the few or perhaps the only one in the world of a fully integrated oil and gas service provider company, Sapura Energy was in no capacity to face downswing in the international oil and gas industry.
Sapura is not the only Malaysian dreamer to aspire to be a fully integrated outfit that failed. In smaller scale, Scomi was another that became a market darling.
The long and short of it, is the obstinate move by Shahril, whose daughter is married to Maju's Abu Sahid son, a ploy to holdout for another Sapura Energy-like government bailout under the pretext of Bumiputera special right?
This is on top of decades of invaluable operating licenses, and billions worth of military, telecommunication, manufacturing, property, contracting, IT and oil and gas contracts from government and GLCs meant to develop Bumiputera corporate sector.
Monopolising all contracts, take unnecessary risk for the big take but get government bailout when it fails. Is there no other Bumiputera in need of the elusive first break and assistance from government?
Balik balik muka itu saja ...
MACC should prioritise their investigation towards Shahril and salvage what was left of the father's legacy before another Bumiputera company created from NEP goes into total ruin and taxpayer money had to rescue.
Enough!
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