FORMER prime minister Dr Mahathir Mohamad today confirmed receiving a notice over the lawsuit filed by Halim Saad and said he is ready to take on the tycoon in court. 

“I will answer this accusation in court through my lawyer. I have nothing to hide,” the nonagenarian said in a statement today.

“Halim claimed that he did not agree with those instructions, and that I had misused powers in 2001 to force him to let go. 

“He alleged that UEM and Renong are his and I had set aside his constitutional rights. He wants to be paid compensation,” the two time former prime minister added. 

It was reported that Halim had filed the lawsuit last week against Dr Mahathir, former second finance minister Nor Mohamed Yakcop and the Malaysian government. 

In the statement of claim filed in court, Halim claimed that Mahathir and Nor Mohamed forced him to relinquish his stake in the Renong-UEM group and rights vested in him without adequate compensation 22 years ago.

Halim said the acquisition affected 372 million shares in Renong, and that Dr Mahathir and Nor Mohamed were part of the acquisition.

Halim said the shares belonged to him and not Umno, where at that time, the company held a 37.92% stake in UEM.

He wanted to make a general offer (intended GO) for UEM, either through Renong or jointly with Renong, to privatise as a subsidiary of Renong.

“The plaintiff was however directed by Dr Mahathir, through Nor Mohamed, not to proceed with the intended GO as the government wanted, and instead to acquire all the shares in UEM through a designated entity, Khazanah Nasional Bhd, or a party it was to nominate.

“In line with this, the plaintiff was also directed to exit both UEM and Renong, both as shareholder and director, including from the subsidiaries of the said companies,” he said.

Halim said this required him to cede control over Renong and UEM to the government, and to eventually dispose of his Renong shares at a loss.

The plaintiff claimed despite receiving RM165 million from Khazanah Nasional, it did not represent the true value of his vested right and Renong shares.

Halim said RM100 million of the RM165 million was to compensate him for having paid RM100 million to UEM for a “Put Option”, which the government then was required to lapse.

He said the remaining RM65 million was to compensate him for losses due to foreclosure of various assets pledged by him to various financiers for the financing of the RM100 million.

Halim alleged when he met Dr Mahathir on April 23, 2010, the former prime minister told Halim he heard from Nor Mohamed that the plaintiff’s Renong shares were in fact owned by Umno, so the government saw no reason to compensate him.

Among reliefs sought by Halim is a declaration the government was obliged to provide him with adequate compensation for the acquisition. –  August 11, 2023.