Halim Saad appeals to revive suit on govt’s Renong takeover

Tycoon Halim Saad is appealing a High Court ruling last month which struck out his suit against Dr Mahathir Mohamad, Nor Mohamed Yakcop and the government with costs.

PETALING JAYA: Tycoon Halim Saad has gone to the Court of Appeal to revive his suit against former prime minister Dr Mahathir Mohamad and two others concerning the government’s takeover of his holdings in the Renong-UEM Group.

Lawyer A Surendra Ananth said the notice of appeal was filed on June 11.

“The Court of Appeal has fixed it for online case management on Sept 9 and has instructed parties to file the appeal records,” he said.

On May 14, judicial commissioner Suzana Said struck out Halim’s suit, ruling that the action was time-barred and that its subject matter had been decided in a previous case.

The court also ordered Halim to pay RM10,000 in costs to defendants Mahathir, former second finance minister Nor Mohamed Yakcop, and the government.

The Attorney-General’s Chambers, appearing for all three defendants, had contended that Halim was barred from pursuing the case as it was time-barred under both the Limitation Act 1953 and the Public Authorities Protection Act 1948.

The defendants said Halim had filed a similar suit in the High Court more than 10 years ago to recover losses allegedly suffered following the takeover, which was also struck out.

In the current suit, filed last year, Halim claimed that Mahathir and Mohamed had “forced” him to relinquish his stake in the Renong-UEM Group together with all rights vested in him, without adequate compensation, over 22 years ago.

Mahathir was prime minister from July 1981 to October 2003, and again from May 2018 to February 2020.

In his statement of claim, Halim alleged that Mahathir and Mohamed were “the prime movers” of the “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 current prime minister, 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 seeks an unspecified amount in compensation or, alternatively, general, aggravated and exemplary damages to be assessed by the court, together with interest and costs.