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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal

Court strikes out Halim Saad’s suit against Khazanah Nasional

Posted on 01 November 2013

The High Court here today struck out tycoon Tan Sri Halim Saad’s RM1.8 billion suit filed against Khazanah Nasional Berhad and two others over his settlement to exit from Renong Berhad. Judge Datuk Hanipah Farikullah ordered Halim to pay costs of RM25,000 to former minister in the Prime Minister’s Department Tan Sri Nor Mohamed Yakcop and the government, and another RM25,000 to Khazanah Nasional.
Halim, a former majority owner and executive chairman of Renong Bhd, filed the suit on April 17 this year. In the judgment, Hanipah said the agreement among the parties involved was made in 2003, and the action filed by Halim was way out of the six-year time-frame that any aggrieved party could file…………………………….Full Article: Source


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