No settlement, says Khazanah

PETALING JAYA (July 19, 2013): Khazanah Nasional Bhd has denied that an out-of-court settlement has been struck in the legal suit between tycoon Tan Sri Halim Saad against the government, Khazanah Nasional and Tan Sri Nor Mohamed Yakcop.

"With regard to Halim's legal suit against Nor Mohamed, the government and Khazanah Nasional, the respective defendants would like to state that contrary to the said article, there is neither a settlement being proposed nor are they aware of any discussion in respect of the same," the state-owned investment arm said in a statement yesterday.

It was responding to a report in a local English daily yesterday which stated that the parties involved in the civil suit had agreed to a RM1 billion settlement.

Halim is claiming RM2 billion against the three parties for allegedly duping him into giving up control of troubled conglomerate Renong in 2001.

"All three defendants continue to believe that they have a strong defence to the claim and shall take all measures necessary to vigorously defend it in order to protect their respective interests. Further, as the case is now before the courts, it should therefore be deliberated and decided accordingly by the courts," Khazanah said.