KUALA LUMPUR, April 23 — Sapura Holdings Sdn Bhd founder Tan Sri Shamsuddin Abdul Kadir took the stand today as the company’s high-profile winding-up case resumed, following the collapse of settlement talks between his sons, Tan Sri Shahril Shamsuddin and Datuk Shahriman Shamsuddin.

The High Court had paused proceedings on Tuesday to allow for negotiations, but no agreement was reached, with reasons undisclosed, according to a report published in The Edge today.

Testifying before Justice Leong Wai Hong, Shamsuddin maintained that Sapura Holdings should still be considered a family company, despite the inclusion of Datuk Rameli Musa as a shareholder and director.

Under cross-examination by Rameli’s lawyer Ranjit Singh, Shamsuddin disagreed with the suggestion that the company ceased to be a family business upon Rameli’s inclusion in 1980.

He explained that there was a longstanding mutual understanding that Sapura Holdings was meant to remain family-controlled, even if not formally documented.

Shamsuddin said Rameli initially resisted accepting shares because of this understanding but later agreed after consulting his wife.

He denied never informing Rameli that the company was intended to be a family business, asserting that the principle was reiterated over the years and accepted by all involved.

In his affidavit, Shamsuddin expressed shock that both Shahril and Rameli had denied this family-based foundation, stating the understanding was reinforced during share transfers and consistently acknowledged.

Shahriman filed the petition to wind up Sapura Holdings on September 23, 2024, arguing that it was necessary for fair asset distribution.

Shahril opposed the move, disputing the claim that the firm is a family company.

Shahril and Shahriman each directly hold 40.5 per cent of the company, while their jointly owned Brothers Capital Sdn Bhd holds 15 per cent.

Rameli owns the remaining 4 per cent.

Sapura Holdings has significant assets, including a 51.1 per cent stake in Sapura Resources Bhd and an 11 per cent stake in Sapura Energy Bhd, along with interests in sectors such as rail, defence, and luxury retail.

The case is scheduled to resume on May 15, when Shamsuddin will be cross-examined by Shahril’s lawyer, Rabindra S Nathan.