Tycoon Halim Saad has failed to reinstate his lawsuit against former prime minister Dr Mahathir Mohamad and two others over the government’s takeover of his holdings in the Renong-UEM Group.
The Court of Appeal dismissed Halim’s appeal today on grounds that this lawsuit, filed in 2023, was time-barred.
Justice Supang Lian, who led a three-member bench, said Halim’s lawsuit was a plain and obvious case for striking out.
Justices Lim Chong Fong and Alwi Wahab also heard the appeal.
The court ordered Halim to pay RM20,000 in costs to the defendants, who included former second finance minister Nor Mohamed Yakcop and the government.
In the suit, Halim claimed that Mahathir and Mohamed “forced” him to relinquish his stake in Renong-UEM, together with all rights vested in him, without adequate compensation more than 23 years ago.
Mahathir was prime minister from July 1981 to October 2003, and again from May 2018 to February 2020.
Halim alleged that Mahathir and Mohamed were “the prime movers in respect of the said compulsory acquisition and deprivation”.
The stake was said to comprise 372 million shares, and represented 16% of Renong Bhd’s entire share capital.
Halim claimed that the shares, acquired by government investment arm Khazanah Nasional Bhd through its subsidiary in 2001, belonged to him personally and not to Umno, a fact acknowledged by Anwar Ibrahim in Parliament on Nov 24, 1997.
Anwar was Mahathir’s deputy and also the finance minister and Umno deputy president at the time.
Halim claimed that UEM then held a 32.6% stake in Renong, while Renong held a 37.92% share in UEM.
The suit sought an unspecified amount in compensation or, alternatively, general, aggravated and exemplary damages to be assessed by the court, together with interest and costs.
The High Court struck out the lawsuit in May last year.
Lawyer Malik Imtiaz Sarwar appeared for Halim while senior federal counsel Ahmad Hanir Hambaly and Imtiyaz Wizni Aufa Othman appeared for Mahathir, Mohamed and the government.
