Tycoon Halim Saad sues Dr Mahathir, Nor Mohamed Yakcop for compensation over UEM takeover
In a public statement today, Tan Sri Halim Saad claimed that the instructions given by Tun Dr Mahathir Mohamad and Tan Sri Nor Mohamed Yakcop in the past in relation to UEM had resulted in his constitutional rights being breached. — Picture by Hari Anggara
Wednesday, 09 Aug 2023 5:19 PM MYT
KUALA LUMPUR, Aug 9 — Tycoon Tan Sri Halim Saad has filed a civil lawsuit against former prime minister Tun Dr Mahathir Mohamad and former minister Tan Sri Nor Mohamed Yakcop, seeking compensation for the financial losses he suffered in relation to the government’s takeover of United Engineers Malaysia (UEM) Bhd.
In the civil lawsuit filed on August 2 at the High Court in Kuala Lumpur, Halim sued the two men as well as the Malaysian government.
In a public statement today, Halim claimed that the instructions given by Dr Mahathir and Nor Mohamed in the past in relation to UEM had resulted in his constitutional rights being breached.
“The collective and concerted actions of the defendants resulted in my loss of control of Renong which also meant the indirect loss of control of UEM and its highly valuable assets including but not limited to Projek Lebuhraya Utara Selatan (Plus), Elite Expressway, Laluan Kedua Malaysia (Linkedua), Intria Bina Sdn Bhd, Ho Hup Construction Sdn Bhd, Pharmaniaga Berhad and Kualiti Alam Sdn Bhd amongst others.
“I suffered financial losses as a direct result of the Defendants’ action which constituted a breach of my constitutional rights under the Federal Constitution,” he said in a brief statement today.
Halim referred to Renong Berhad, where he was the controlling shareholder previously.
In the lawsuit filed on Halim’s behalf by the law firm Malik Imtiaz Sarwar, the businessman is seeking for several court orders, including for the government to pay him compensation in respect of his rights as Renong’s controlling shareholder and with the compensation amount to be assessed by the High Court and the money to be paid within 14 days of the amount being determined.
Malay Mail’s checks of online court listings show that Halim’s lawsuit came up for case management today at the High Court, and is scheduled for case management next on September 13.
MORE TO COME
Wednesday, 09 Aug 2023 5:19 PM MYT
KUALA LUMPUR, Aug 9 — Tycoon Tan Sri Halim Saad has filed a civil lawsuit against former prime minister Tun Dr Mahathir Mohamad and former minister Tan Sri Nor Mohamed Yakcop, seeking compensation for the financial losses he suffered in relation to the government’s takeover of United Engineers Malaysia (UEM) Bhd.
In the civil lawsuit filed on August 2 at the High Court in Kuala Lumpur, Halim sued the two men as well as the Malaysian government.
In a public statement today, Halim claimed that the instructions given by Dr Mahathir and Nor Mohamed in the past in relation to UEM had resulted in his constitutional rights being breached.
“The collective and concerted actions of the defendants resulted in my loss of control of Renong which also meant the indirect loss of control of UEM and its highly valuable assets including but not limited to Projek Lebuhraya Utara Selatan (Plus), Elite Expressway, Laluan Kedua Malaysia (Linkedua), Intria Bina Sdn Bhd, Ho Hup Construction Sdn Bhd, Pharmaniaga Berhad and Kualiti Alam Sdn Bhd amongst others.
“I suffered financial losses as a direct result of the Defendants’ action which constituted a breach of my constitutional rights under the Federal Constitution,” he said in a brief statement today.
Halim referred to Renong Berhad, where he was the controlling shareholder previously.
In the lawsuit filed on Halim’s behalf by the law firm Malik Imtiaz Sarwar, the businessman is seeking for several court orders, including for the government to pay him compensation in respect of his rights as Renong’s controlling shareholder and with the compensation amount to be assessed by the High Court and the money to be paid within 14 days of the amount being determined.
Malay Mail’s checks of online court listings show that Halim’s lawsuit came up for case management today at the High Court, and is scheduled for case management next on September 13.
MORE TO COME
This is an attempt to rewrite history.
ReplyDeleteUEM in 1998 was practically insolvent due to over extended risky business decisions.
It had profitable cash-cow subsidiaries such as PLUS, but the Group overall was in Deep Trouble.
Due to its reach throughout the Malaysian economy, the Government decided that UEM could not be allowed to go under .
"Too big to Fail".
The decision can be debated until the cows come home, but that was done
Halim Saad would have gone bankrupt if UEM had not been bailed out, but the price was he lost both his equity and his exposure.
Fair, more than fair.
Mahathir in fact did him a favour.