In a resounding legal decision echoing through the corridors of Malaysia's High Court, former Prime Minister Tun Dr Mahathir Mohamad, along with former finance minister II Tan Sri Nor Mohamed Yakcop, secured a pivotal victory against tycoon Tan Sri Halim Saad's longstanding suit. The legal saga, stemming from the government's acquisition of Renong Bhd and United Engineers Malaysia Berhad (UEM) shares nearly 23 years ago, finally reached its climax.
Judicial Commissioner Suzana Muhamad Said, in a decisive move, struck down Saad's suit based on the statute of limitation, emphasizing the necessity of timely legal action. Highlighting the principle of res judicata, she underscored the court's stance against unnecessary prolonged litigation.
Saad's legal odyssey began in 2013 when he initially filed a lawsuit against Khazanah Nasional, Nor Mohamed, and the government, seeking damages exceeding RM1.8 billion. However, the High Court's striking-out application, citing a breach of the six-year time frame prescribed by the Limitation Act 1953, dealt a blow to Saad's pursuit of justice. Even an appeal to the Federal Court in 2015 failed to sway the judicial tide.
Commissioner Suzana's ruling, grounded in the understanding that the acquisition transpired over two decades ago, further fortified the defense's position. With a stern order to cover legal costs amounting to RM10,000, the court delivered a decisive denouement to the protracted legal battle.
Represented by Senior Federal Counsel Ahmad Hanir Hambaly, Dr Mahathir, Nor Mohamed, and the government stood steadfast against Saad's allegations. Conversely, Saad, backed by counsels Datuk Malik Imtiaz and Surendra Ananth, sought to assert his rights as a former executive chairman and director of Renong.
Saad's claims revolved around purported directives from Dr Mahathir and Nor Mohamed to abandon plans for a general offer to privatize UEM under Renong's auspices. Alleging government intervention leading to the disposal of his Renong shares at a loss, Saad sought compensation and a declaration of his Renong shareholder status.
However, the defendants refuted Saad's narrative, contending that the acquisition proceeded with his approval, culminating in a compensation package totaling RM165 million.
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