Halim sues Mahathir over Khazanah’s takeover of UEM FMTNews FMTEng FMTBusiness
Tycoon Halim Saad claimed Dr Mahathir Mohamad and Nor Mohamed Yakcop were the ‘prime movers’ of a takeover of UEM and Renong for which he was not adequately compensated.
Halim claims the shares, which were acquired by government investment arm Khazanah Nasional via 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.Halim claims that at that time, UEM held a 32.6% stake in Renong, while Renong held 37.92% in UEM.
“In line with this, the plaintiff was also directed to exit UEM and Renong , both as shareholder and director,” the statement said.Prior to that, Halim said UEM board members Syed Amin al-Jaffri, Ramli Mohamad and Azman Yahya, met the then prime minister to express their views but were told to “stay away from the matter”.
In July 2001, Khazanah, through its subsidiary Danasaham Sdn Bhd, made a general offer to acquire the entire share capital of UEM at RM4.50 per share for UEM, equivalent to RM4 billion. The transaction was completed three months later after Halim issued a letter dated July 17, 2001 confirming his support for the proposed offer.
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