Court strikes out Halim Saad's suit against Khazanah Nasional

KUALA LUMPUR (Oct 31, 2013): The High Court here today struck out tycoon Tan Sri Halim Saad's RM1.8 billion suit filed against Khazanah Nasional Berhad and two others over his settlement to exit from Renong Berhad.

Judge Datuk Hanipah Farikullah ordered Halim to pay costs of RM25,000 to former minister in the Prime Minister's Department Tan Sri Nor Mohamed Yakcop and the government, and another RM25,000 to Khazanah Nasional.

Halim, a former majority owner and executive chairman of Renong Bhd, filed the suit on April 17 this year. In the judgment, Hanipah said the agreement among the parties involved was made in 2003, and the action filed by Halim was way out of the six-year time-frame that any aggrieved party could file.

"There was no fraud and fraudulent misrepresentation committed by the defendants.

"The plaintiff (Halim) has been sleeping all these years and appeared suddenly to have woken up by filing this action this year," she said after hearing submissions from both parties.

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

He said that 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 that he had been 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 is seeking RM1.3 billion, 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