Halim Saad fails in appeal to reinstate RM1.8bil suit

Halim Saad has failed in his appeal to reinstate a RM1.8 billion civil suit against Khazanah Nasional Berhad and two others over his settlement to give up control of Renong Berhad.

A three-member Court of Appeal panel chaired by Justice Zaharah Ibrahim, today unanimously dismissed the business tycoon’s appeal which he had filed in a bid to reverse a High Court decision that threw out his civil suit against the three respondents.

“We find that the High Court judge’s conclusion that the plaintiff’s (Halim) claim was obviously unsustainable on the grounds of limitation period had set in, and the accord of satisfaction is correct,” she said.

Zaharah, who presided on the panel with justices Mah Weng Kwai and Varghese George Varughese, ordered Halim to pay RM25,000 in legal costs to Khazanah and another RM25,000 to former minister in the Prime Minister’s Department Nor Mohamed Yakcop and the government.

On Oct 31, last year, High Court judge Hanipah Farikullah allowed the application brought by Khazanah, Nor Mohamed and the government to strike out Halim’s civil suit ruling that it (the suit) was filed out of time, beyond the six-year time frame as stipulated under the Limitation Act 1953.

The former executive chairperson of Renong Bhd had filed the suit against Khazanah, Nor Mohamad and the government on April 17, last year, seeking to reclaim over RM1.8 billion in compensation for selling his stake in the company.

In the statement of claim, Halim said in 2001, he owned 372,000,000 shares amounting to approximately 16 per cent of the issued and paid-up capital of Renong, making him the single largest individual shareholder in the company.

He said in November 2002, Nor Mohamed was appointed as director of Khazanah and at all material times, Renong held a substantial stake in the issued and paid-up capital of a company known as United Engineers (M) Bhd (UEM).

Halim claimed he was induced by Nor Mohamed as an agent representing the government for him to take up the deal for his exit from Renong and UEM.

He was seeking RM1.3 billion in general damages for breach of the Renong purchase obligation, another RM508 million being the value of paid-up capital of Kualiti Alam Sdn Bhd in settlement of Halim’s losses for rescuing Fleet Group, and damages for fraudulent misrepresentation.

- Bernama