1 week Ago By Business Times
KUALA LUMPUR: Sapura Resources Bhd, alongside its subsidiaries Sapura Aero Sdn Bhd and Aerodome Fife Sdn Bhd, has filed a lawsuit against former managing director Datuk Shahriman Shamsuddin and three associates. The lawsuit was filed today at the Kuala Lumpur High Court, seeking damages totaling RM3.22 million, according to a Bursa Malaysia filing.
The legal action accuses Shahriman, Syed Haroon Omar Alshatrie, Syed Muhammad Hasan Alsagoff and Explorer Group Sdn Bhd, of violating fiduciary, statutory, common law, equitable and contractual duties. The claims include mismanagement and conspiracies that allegedly caused significant financial losses for Sapura Resources and its subsidiaries. The allegations involve mishandled funds for consultancy fees, employee separations and other operational costs, including misappropriated funds for Malaysia Airports Holdings Bhd and payments related to mutual separation schemes.
Sapura Resources claims these actions resulted in significant damages and is seeking over RM1 million in compensation, including potential losses from unachieved business opportunities, such as its RM82.1 million initial public offering.The court is also requested to consider assessing additional damages, encompassing general, aggravated and equitable compensation.
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