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7th Rangers: Businessperson sues Dr M over govt acquisition of Renong By Hidir Reduan Abdul Rashid
 
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Businessperson sues Dr M over govt acquisition of Renong By Hidir Reduan Abdul Rashid
Wednesday, August 09, 2023

Malaysiakini : Businessperson Halim Saad has hauled former prime minister Dr Mahathir Mohamad, former finance minister II Nor Mohamed Yakcop, and the government to the civil court. Filed at the Kuala Lumpur High Court on Aug 2, the civil action is over the government’s alleged deprivation of Halim’s rights as a controlling shareholder of troubled listed firm Renong Berhad in 2001.

According to the statement of claim sighted by Malaysiakini, the plaintiff claimed that this was done via virtue of Khazanah Nasional Berhad effecting a takeover of UEM Malaysia Berhad at the direction of the government as part of a compulsory acquisition between July and October 2001.

Halim claimed that the acquisition affected 372 million shares in Renong and that Mahathir and Nor Mohamed were the prime movers of the acquisition.    The plaintiff contended that his Renong shares belonged to himself and not to Umno, and that at the material time, the company held 37.92 percent stake in UEM.

The veteran businessperson contended that he intended to make a general offer (Intended GO) on UEM, either through Renong or jointly with Renong, to take it private as a subsidiary of Renong. “The plaintiff was however directed by Mahathir, by Mahathir directly and through Nor Mohamed, not to proceed with the Intended GO as the government wanted, instead, to acquire all the shares in UEM through a designated entity, Khazanah Nasional Berhad or a party it was to nominate. 

“In line with this, the plaintiff was also directed to exit both UEM and Renong, both as shareholder and director including in subsidiaries of the said companies.  “This required the plaintiff to cede his control over Renong and UEM to the government and to eventually dispose of the plaintiff's Renong Shares at a loss. The plaintiff complied with the said direction as Mahathir was then the prime minister and finance minister.

“In the upshot, Khazanah acquired all the shares in UEM through its subsidiary, Syarikat Danasaham Sdn Bhd, thereby gaining control of UEM which at the material time held 32.6 percent in Renong. In this way, the government acquired UEM and indirectly and gained control and indirect ownership of the Renong group.

“The acquisition of the vested right and the deprivation of the plaintiff’s rights as a controlling shareholder of Renong, which were key aspects of the acquisition exercise by the government, were effected or caused without any compensation being paid to the plaintiff in contravention of Article 13, Federal Constitution,” Halim contended.
posted by Major D Swami (Retired) @ 5:44 PM  
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