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[Jenayah]
Halim Saad sues government for RM 2 billion over sour Renong deal
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Halim Saad sues government over sour Renong deal
BY CLARA CHOOI
ASSISTANT NEWS EDITOR
June 07, 2013
KUALA LUMPUR, June 7 — Tycoon Tan Sri Halim Saad has mounted a massive legal challenge against the government to demand full settlement of an over RM2 billion deal that forced him to relinquish his controlling stake in Renong Bhd more than a decade ago.
According to digital business magazine The Edge Review, Halim, once the sole corporate nominee of the ruling Umno, was offered RM1.3 billion in cash and property as well as control of a private waste management company, roughly valued at RM2 billion, in exchange for his disposal of Renong in the 2001 agreement.
But citing people familiar with Halim’s suit, the magazine reported that the business magnate had since only received RM165 million despite giving up his business empire and will be demanding the remainder.
Halim attempted to pressure the government into full settlement, the magazine wrote, but in 2010, former Prime Minister Tun Dr Mahathir Mohamad told him the agreement would not be honoured.
“Halim held numerous meetings with Dr Mahathir — even after the latter quit as premier in November 2003 — and Nor Mohamed to push for a full settlement but he was repeatedly fobbed off,” the article said.
“Some time in April 2010, Halim met with Dr Mahathir to try to seek a resolution to the matter but was told that the government would not be honouring the agreement.
“Businessmen familiar with the situation say that Dr Mahathir told Halim that he had been informed by Nor Mohamed that the assets taken over by Khazanah belonged to Umno,” it added.
The Edge Review said Halim then met with Tan Sri Nor Mohamed Yakcop (picture), then a minister in the Prime Minister’s Department in charge of the Economic Planning Unit, who confirmed Dr Mahathir’s words.
According to the magazine and StarBiz today, Nor Mohamed, the Malaysian government and state-owned strategic investment fund Khazanah Nasional Bhd have been named as defendants in multibillion ringgit suit that was filed in April this year.
In the statement of claim sighted by StarBiz, Halim is alleging that the parties had signed the 2001 and/or another 2003 agreement with him with “an intent to deceive him or induce him to enter into both agreements”.
The Edge Review said the suit, set to be one if the biggest corporate battle in the country, will expose for the first time the “behind-the-scenes dealings in several multibillion dollar transactions and contract awards that shaped corporate Malaysia between the mid-1980s and the early part of this decade”.
“Among other things, the executives say that Halim’s suit will provide insights into how Umno created a political money-making machine around Renong and its associated concern, United Engineers Malaysia Bhd (UEM).
“It will offer Halim’s account of how he ceased to be a business nominee of Umno and also provide a personal confession of the gruelling years the businessman went through as he battled to keep debt-laden Renong afloat,” the magazine wrote.
Halim, who was in 1984 taken in by former Finance Minister Tun Daim Zainuddin to become Umno’s sole corporate nominee, had built Renong and UEM into Malaysia’s largest conglomerate, with ventures in the banking, construction, telecommunications, real-estate development and tolled-roads industries.
The Asian financial crisis of 1997 led to the fall in Renong’s share prices and according to The Edge Review, exposed the conglomerate’s poor cash flow and large debt burdens.
According to StarBiz, a business manoeuvre that year in UEM’s purchase of a 32.5 per cent block of shares in Renong did not go down well with the investing public.
“To appease the market, Halim had, in 1998, offered to buy the Renong shares from UEM by way of a ‘put option’,” the business section of English daily The Star reported today.
“The option price for the ‘put’ was RM3.2 billion, which he was to pay in four instalments three in RM100 million instalments and the balance with interest on February 14, 2001, when the option was due.
“Halim was reported to have paid the first RM100 million but could not pay up the second when it was due, which was when Khazanah took over.
“The sovereign wealth fund took UEM private in 2001 and later cancelled the option,” it reported.
According to The Edge Review, it was Dr Mahathir who stepped up pressure on Halim in 2001, which eventually led to his disposal of control over Renong.
The former prime minister had purportedly instructed Halim to meet with Nor Mohamed, who was then economic adviser, and the latter was to arrange for the government’s purchase of the tycoon’s interest in Renong.
Citing close associates of Halim, Dr Mahathir’s reason was merely that the one-time Umno corporate nominee “no longer enjoyed public confidence”.
The digital magazine said Halim did not agree at first, insisting that Renong did not need a bailout as the group had enough assets to cover its outstanding loans.
“The Mahathir administration saw things differently,” The Edge Review wrote. “The group’s slow progress in restructuring its roughly RM13 billion debt was placing a huge strain on the national banking system.”
Under pressure, Halim subsequently gave up his stake in exchange for the nearly RM2 billion deal and Khazanah subsequently took UEM private in 2001.
Last edited by ifanonline on 7-6-2013 03:03 PM
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teringat balik kes nih.. condition dia 4 kali installments of RM100million in 4 months time.. 1st installment dia dpt bayar RM100jota, but 2nd-4th dia default the payment.. then everything were taken from him.. renong jadik uem-renong (later on jadik uem group) yayasan saad jadik yayasan uem.. renong training school jadik uem academy.. the downfall of a legend..
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Saman menyaman GLC dan Tajudin
Terdapat lebih 10 kes saman menyaman antara beliau dengan MAS, Telekom Malaysia Bhd., Naluri Corporation Bhd., Celcom (M) Bhd., Pengurusan Danaharta Bhd. dan Atlan Holdings Bhd. Tajudin pula mengemukakan saman balas ke atas 24 defendan termasuk GLC terbabit bagi menuntut ganti rugi RM13.46 bilion.
Tajuddin menamakan 38 pihak termasuk beberapa personaliti korporat sebagai defendan dalam kes samannya. Ini termasuklah:
Pada 11 Mei 2007, syarikat GLC iaitu Danaharta dan dua anak syarikatnya, Danaharta Urus serta Danaharta Managers menuntut hutang RM589 juta iaitu baki pinjaman RM1.79 bilion .Pada 1994 Danaharta pernah memberi kepada Tajudin untuk membeli 32 % ekuiti dalam MAS pada harga RM8 setiap saham. Pada 2000, Tajudin menjual balik MAS kepada kerajaan dengan nilai RM1.8 bilion.
Danaharta menjual Technology Reources Industries Bhd. (TRI) kerana hutang Tajudin yang tidak dibayar serta betapa perlunya Danaharta mendapatkan semula pinjaman.Tajudin cuba menghalang Danaharta menjual sahamnya dalam TRI dan Naluri yang sedang disandarkan kepada bank. Telekom Malaysia membeli kepentingan Tajudin dalam TRI daripada Danaharta melibatkan 260.87 juta saham TRI atau 13.14 peratus dibuat melalui anak syarikat milik penuh Telekom Malaysia, Telekom Enterprise Sdn. Bhd. (TESB) secara tunai dengan harga RM717 juta atau RM2.75 sesaham.Sebelum ini TRI menguasai Celcom (Malaysia) , syarikat perkhidmatan telekomunikasi selular kedua terbesar di Malaysia. Danaharta juga hendak menjual 44.84 % (309.65 juta) saham milik Tajudin dalam Naluri yang memiliki 4.57 % dalam TRI secara tender kerana gagal membayar RM130.44 juta.
Ekoran itu ,Tajudin membuat saman balas iaitu menuntut pula RM6.25 bilion daripada Telekom dan 12 defendan yang lain berhubung penjualan saham TRI oleh Danaharta. Beliau menuntut ganti rugi RM7.2 bilion daripada kesemua 24 defendan. Antara alasan Tajudin ialah pada 1994, beliau diarah oleh bekas Perdana Menteri, Tun Dr. Mahathir Mohamad dan bekas Menteri Kewangan, Tun Daim Zainuddin agar membeli saham MAS sebagai satu Khidmat Negara bagi membantu Bank Negara Malaysia (BNM) mengatasi kerugian tukaran asing pada tahun 1994.
Pada 28 Ogos 2007, permohonan defendan iaitu Telekom Malaysia Berhad, Telekom Enterprise Sdn. Bhd., Technology Resources Industries Berhad dan Celcom (Malaysia) Berhad ditolak dengan kos.
Pada 5 Mac 2008, Penolong Kanan Pendaftar Mahkamah Tinggi, Iris Anak Awen Jon membatalkan tuntutan balas Tajudin Ramli terhadap lapan dari 24 defendan bagi menuntut ganti rugi RM13.46 bilion. Lapan defendan itu ialah anak syarikat Danaharta iaitu Pengurusan Danaharta serta dua subsidiarinya, Danaharta Urus Nasional Bhd. (Danaharta) dan Danaharta Managers Sdn. Bhd dan empat pegawai Danaharta iaitu Datuk Azman Yahya, Datuk Abdul Hamidy Hafiz, Datuk Zukri Samat dan Datuk Kris Azman Abdullah serta Commerce International Merchant Bankers Bhd (CIMB).
Ekoran 'kekalutan' itu, Menteri di Jabatan Perdana Menteri, Datuk Seri Nazri Aziz mencadangkan agar GLC menyelesaikan di luar mahkamah.
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aku cuma leh kata..
WOW...
WOW..and WOW...
benda2 ni sumer ler yg menyebabkan byk nyer wujud GLC company..
yg nak cover kroni sana sini..
U tlg I...I tlg U... |
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melayu nak meniaga tak pandai...tahu pow aje lah...sama dgn polis, kastam dan imigresen... |
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Antara alasan Tajudin ialah pada 1994, beliau diarah oleh bekas Perdana Menteri, Tun Dr. Mahathir Mohamad dan bekas Menteri Kewangan, Tun Daim Zainuddin agar membeli saham MAS sebagai satu Khidmat Negara bagi membantu Bank Negara Malaysia (BNM) mengatasi kerugian tukaran asing pada tahun 1994.
pada tahun 1994. jenayah yg di buat oleh bekas PM dulu main forex pakai duit rakyat...tapi kantoi... |
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sudah ada  |
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hehe....ameno parti haprak ni penuh dengan melayu kampung yang cuba2 nak berniaga tapi tak pandai...
si bodoh dengan si haprak punya agreement, begini lah jadi kesudahannya... |
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Buat perjanjian dgn syaitan yg dikenali ni lah akibatnya.... |
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pyropura posted on 7-6-2013 06:31 PM 
mulayu TAK TAU niaga & TAK BERAPA MAU niaga tapi DIPAKSA jugak niaga demi DEB, itulah jadinya .. ...
pastu salah kan led bin almi...
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saman jgn tak saman...BNM kena cetak duit manyak2
Malaysia bankrup tarak hal dgn pemerintah kerajaan sekrg  |
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...Mulayu kroni Umeno tikam Mulayu Umeno balik....sapa plak tepok tangan....
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pyropura posted on 7-6-2013 08:11 PM
...Mulayu kroni Umeno tikam Mulayu Umeno balik....sapa plak tepok tangan....
led bean almy lah... |
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apa lagi kronik UMNO mau?..pemeriksaan zakar percuma? |
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ifanonline posted on 7-6-2013 03:20 PM
pada tahun 1994. jenayah yg di buat oleh bekas PM dulu main forex pakai duit rakyat...tapi kanto ...
inilah yg dikata dosa mahathir terbuka satu demi satu.
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bro saad kena game gan gomen...
sharil apa cer? byk pe gomen bagi lubang business |
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Post time 7-6-2013 03:01 PM
变色卡
Author
