Court allows Dr M to strike out UEM-Renong lawsuit by Halim Saad
KUALA LUMPUR: Tun Dr Mahathir Mohamad and two others have successfully struck out a lawsuit by business tycoon Tan Sri Halim Saad over losses allegedly suffered during the government’s takeover of United Engineers Malaysia (UEM) Bhd and Renong Bhd in 2001.
High Court judge Judicial Commissioner Dr Suzana Muhamad Said had allowed the striking out application by the former premier, former finance II minister Tan Sri Nor Mohamed Yakcop and the government on the basis of limitation of time (statute of limitation).
In his statement of claim, Halim said the government had made a compulsory acquisition by virtue of Khazanah Nasional Bhd effecting a take-over of UEM between July and October 2001, which resulted in Halim’s Renong shares being devalued and him suffering massive losses.
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