Latest news with #HalimSaad
Free Malaysia Today
2 days ago
- Business
- Free Malaysia Today
Court throws out Halim Saad's attempt to reinstate Renong takeover suit
(From left) Halim Saad claimed that Dr Mahathir Mohamad and Nor Mohamed Yakcop 'forced' him to relinquish his stake in Renong-UEM, together with all rights vested in him, without adequate compensation more than 23 years ago. PUTRAJAYA : Tycoon Halim Saad has failed to reinstate his lawsuit against former prime minister Dr Mahathir Mohamad and two others over the government's takeover of his holdings in the Renong-UEM Group. The Court of Appeal dismissed Halim's appeal today on grounds that this lawsuit, filed in 2023, was time-barred. Justice Supang Lian, who led a three-member bench, said Halim's lawsuit was a plain and obvious case for striking out. Justices Lim Chong Fong and Alwi Wahab also heard the appeal. The court ordered Halim to pay RM20,000 in costs to the defendants, who included former second finance minister Nor Mohamed Yakcop and the government. In the suit, Halim claimed that Mahathir and Mohamed 'forced' him to relinquish his stake in Renong-UEM, together with all rights vested in him, without adequate compensation more than 23 years ago. Mahathir was prime minister from July 1981 to October 2003, and again from May 2018 to February 2020. Halim alleged that Mahathir and Mohamed were 'the prime movers in respect of the said compulsory acquisition and deprivation'. The stake was said to comprise 372 million shares, and represented 16% of Renong Bhd's entire share capital. Halim claimed that the shares, acquired by government investment arm Khazanah Nasional Bhd through its subsidiary in 2001, belonged to him personally and not to Umno, a fact acknowledged by Anwar Ibrahim in Parliament on Nov 24, 1997. Anwar was Mahathir's deputy and also the finance minister and Umno deputy president at the time. Halim claimed that UEM then held a 32.6% stake in Renong, while Renong held a 37.92% share in UEM. The suit sought an unspecified amount in compensation or, alternatively, general, aggravated and exemplary damages to be assessed by the court, together with interest and costs. The High Court struck out the lawsuit in May last year. Lawyer Malik Imtiaz Sarwar appeared for Halim while senior federal counsel Ahmad Hanir Hambaly and Imtiyaz Wizni Aufa Othman appeared for Mahathir, Mohamed and the government.
Malay Mail
2 days ago
- Business
- Malay Mail
Halim Saad loses appeal to revive RM1.8b Renong-UEM lawsuit against govt, Dr M
PUTRAJAYA, Aug 18 — Businessman Tan Sri Halim Saad has lost his appeal to reinstate his lawsuit against the government, former prime minister Tun Dr Mahathir Mohamad and former finance minister II Tan Sri Nor Mohamed Yakcop over alleged losses he incurred following the government's 2001 acquisition of Renong Bhd and United Engineers Malaysia Berhad (UEM) shares. A three-man bench comprising Justices Datuk Supang Lian, Datuk Lim Chong Fong, and Datuk Dr Alwi Abdul Wahab yesterday dismissed Halim's appeal and ordered him to pay RM20,000 in legal costs. 'We find the appellant's suit is time-barred pursuant to the Limitation Act 1953 and Public Authorities Protection Act 1948, warranting the striking out of the suit,' said Justice Supang, who delivered the court's unanimous decision. She also said Halim's claim of concern about the violation of his guaranteed constitutional right should have been raised in his earlier lawsuit filed in 2013. On May 9, 2024, the High Court allowed the applications by Dr Mahathir, Nor Mohamed, and the government to strike out the lawsuit filed by the 72-year-old business tycoon. Earlier, on April 17, 2013, Halim filed a similar lawsuit against Khazanah Nasional, Nor Mohamed, and the government to claim damages of more than RM1.8 billion for selling his shares in Renong. However, on October 31 of the same year, a High Court allowed an application by Khazanah Nasional, Nor Mohamed, and the government to strike out the suit on the grounds that Halim had filed the suit after a six-year time frame. Halim failed to reinstate the 2013 lawsuit following the Federal Court's dismissal of his application to obtain leave to commence his appeal in the Federal Court in 2015. Meanwhile, in his statement of claim in the lawsuit against Dr Mahathir, Nor Mohamed, and the government, Halim, who is Renong's former executive chairman and director, claimed that he intended to make a general offer to privatise UEM as a subsidiary of Renong with the implementation enabling the plaintiff to gain complete control and ownership of UEM. Halim claimed that he was instructed by Dr Mahathir and Nor Mohamed not to proceed with the general offer because the government wanted to take over all the shares in UEM through Khazanah Nasional or a party to be nominated by Khazanah. Halim alleged that he was also instructed to leave UEM and Renong as a shareholder and director, including the subsidiaries of the two companies, thus obliging him to hand over control of Renong and UEM to the government and further dispose of his Renong shares at a loss. He claimed that Khazanah had acquired all of UEM's shares through its subsidiary, Danasaham Sdn Bhd, thereby gaining control over UEM, which at the time owned 32.6 per cent of Renong shares. Halim is claiming, among other things, compensation for the forced takeover by the government between July and October 2001, as well as a declaration that he is a Renong shareholder. In their statement of defence, the defendants denied having forcibly taken over the shareholding of the two companies, as the takeover was approved by Halim, who received RM165 million in compensation. In yesterday's proceeding before the Court of Appeal, lawyers Datuk Malik Imtiaz Sarwar, A. Surendra Ananth, and Yvonne Lim represented Halim. Senior federal counsel Ahmad Hanir@Hambaly@Arwi appeared for the government, Dr Mahathir, and Nor Mohamed. — Bernama
