15 Sapura Firms Seek Liquidation Of Sister Company Sapura Projects

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Sapura Energy, the holding company of Sapura Projects, is seeking the liquidation of the company over RM308 million in debts.PETALING JAYA: Ahead of the hearing of a winding-up petition filed against it by a non-related creditor, Sapura Projects Services Sdn Bhd has been slapped with a liquidation notice by its holding company Sapura Energy Bhd and 14 sister companies for debts totalling RM308 million.
In what appears to be a move to avoid the Insolvency Department from becoming the receiver if it loses the winding up petition by DTEC Engineering Sdn Bhd , the firms have filed a summons in chambers asking the High Court to appoint a liquidator of their choice to manage the company.
The summons was filed on April 21, four days ahead of the hearing of the winding up petition by DTEC Engineering which is owed RM13 million Sapura Projects.
According to lawyers, it is understood that the move by the 15 firms is to avoid Sapura Projects from being wound up as many of its contracts are still ongoing.
The summons in chambers states that Sapura Projects owed DTEC and its sister firms a total of RM308 million.
In the affidavit, the firms are seeking the court’s order to appoint one Lim San Peen as the private liquidator to manage the affairs of Sapura Projects if it is wound up.
In the event it fails and DTEC succeeds, which will result in the Insolvency Department becoming the receiver, the firms want the court to direct this receiver to call for the meeting of all creditors who shall vote on the appointment of its suggested private liquidator within 21 days.
It said Lim’s appointment would be in the best interest of all the creditors based on his experience in corporate insolvency as he would be able to efficiently administer the affairs of Sapura Projects.
In its petition filed at the Shah Alam High Court on Jan 28, DTEC said Sapura Projects owed the firm RM19 million but after negotiations both agreed for a full settlement of RM15 million in December 2020, with an instalment of RM1 million to be paid monthly.
“However, it only made two payments and still owes us RM13 million to date. All reminders and requests for payment have been ignored,” it said.
DTEC said Sapura Projects is deemed unable to pay its debts and therefore insolvent; the company should be wound up and an official receiver be appointed.
DTEC’s counsel Mohd Suffian Shamsudin confirmed the petition and the summons in chambers and said the company would oppose the application by the 15 Sapura-linked firms. - FMT

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