TUN Dr Mahathir Mohamad and two others 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 judicial commissioner Dr Suzana Muhamad Said allowed the application by Dr Mahathir, former finance minister II Tan Sri Nor Mohamed Yakcop and the government based on the limitation of time (statute of limitation).
In his statement of claim, Halim said the government had made a compulsory acquisition by 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.
According to reports in The New Straits Times, Halim, the former executive chairman and director of Renong, filed the suit against the trio on Aug 2 last year.
The court also ordered Halim to pay RM10,000 in costs to defendants Mahathir, former second finance minister Nor Mohamed Yakcop, and the government.
Dr Suzana also noted that Halim had another lawsuit in 2013 that was disposed of, and whatever issues were raised then were bound by the principle of res judicata and limitation of time.
"There is a limitation clause for a reason, which is to put a stop to unnecessary action being taken especially after some time.
"The occasion was in 2001 and it has been more than 20 years and also considering that fact the suit in 2013, after more than 10 years, then only this instant case is being brought forward to the court," she ruled.
In 2013, the High Court struck out Halim's suit to claim RM1.8 billion in damages for selling his shares, on the grounds that it was filed beyond the six-year time frame allowed under the Limitation Act 1953.
Halim was represented by counsels Datuk Malik Imtiaz Sarwar and Surendra Ananth.
Senior Federal Counsel Ahmad Hanir Hambaly represented Dr Mahathir, Nor Mohamed and the government. – The Vibes, May 14, 2024.
