30
Oct
13

Tycoon’s legal battle over Umno’s assets set to be messier

An on-going legal tussle over Umno’s business assets, between Putrajaya and tycoon Tan Sri Halim Saad, is set to get messier, The Edge Review reported.

The digital weekly news publication reported that Halim, a former controlling shareholder of troubled conglomerate Renong Berhad, had filed a suit in mid-April to seek an order from the High Court to direct Putrajaya to honour a settlement agreement valued at roughly RM2 billion (US$629.7 million) for his takeover of the Renong group.

The filings also made public correspondence between him and former prime minister Tun Dr Mahathir Mohamad (pic), which The Edge Review described as offering a “rare peek into behind-the-scenes manoeuvrings during some of the most dramatic days in corporate Malaysia” as the country struggled to boost investor confidence after the 1997 Asian financial crisis.

The report noted that recently, Halim has moved to back up his legal claims with sworn statements from key individuals, including his lawyer and a former Umno treasurer.

A senior Kuala Lumpur-based lawyer, Abdul Rashid Manaf, who had accompanied Halim to meetings with top government officials on the Renong takeover, claimed he was a witness to negotiations that culminated in an agreement on a financial settlement for Halim.

The report said Abdul Rashid recalled a meeting in April 2010 he attended between Dr Mahathir and Halim over protracted issues surrounding compensation for the former Renong boss.

“Dr Mahathir’s response was startling. According to him, there was never any reason to pay Halim all along,” he was quoted as saying.

The report also noted that in a separate sworn statement, Umno’s former treasurer, Datuk Seri Abdul Azim Mohd Zabidi, recalled discussions he had with Tan Sri Nor Mohamed Yakcop who implied that the Renong assets belonged to Umno.

“When I took over as Umno treasurer, I received a substantial amount of cash and shares belonging to Umno. Whether the cash portion was part of any settlement from the Renong deal, I don’t know and I never asked,” he was quoted as saying.

Halim is suing the government, the state-owned strategic investment fund Khazanah Nasional Bhd and former economic affairs minister Tan Sri Nor Mohamed Yakcop, who acted as the government’s agent in the negotiations for the Renong takeover in 2001.

…more
Tycoon Halim Saad’s legal battle over Umno’s assets set to be messier, report reveals
By EILEEN NG
October 18, 2013 – TMI

Advertisements

0 Responses to “Tycoon’s legal battle over Umno’s assets set to be messier”



  1. Leave a Comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s


THE Al Jazeera interview

Merdeka! Merdeka! Merdeka!

The dawn of A Better Malaysia!
Rafidah Aziz, Hannah Yeoh, Ambiga at TTDI ceramah

 

Mahathir in Putrajaya ceramah

 

What happened to 1MDB’s money? – CNBC Video
Nuclear lessons for Malaysia (Part 1) (Part 2)
BN govt is directing attention to distant past and distant future, in order to distract people from present misdeeds and poor governance
Felda - A picture is worth a thousand words
How the 1MDB Scandal Spread Across the World (WSJ)
We cannot afford ridiculously expensive RM55 Billion ECRL!
All that is necessary
for the triumph of evil
is for good men
to do nothing.

- Edmund Burke
When the people
fears their government,
there is TYRANNY;
when the government
fears the people,
there is LIBERTY.

- Thomas Jefferson
Do you hear the people sing?

Archives

Advertisements

%d bloggers like this: