Malaysia

Khazanah denies any proposed settlement for Halim Saad’s suit

July 19, 2013
Latest Update: July 19, 2013 09:58 am

Sovereign wealth fund Khazanah Nasional Berhad has denied that there would be a proposed out-of-court settlement for a billion-ringgit legal suit by tycoon Tan Sri Halim Saad.

A Khazanah statement last night refuted a report in The Star newspaper that speculated there could be a settlement in the works.

“The respective defendants would like to state that contrary to the said article, there is neither a settlement being proposed nor are they aware of any discussion in respect of the same,” Khazanah said in the statement sent to The Malaysian Insider.

The state asset manager added all three defendants - Tan Sri Nor Mohamed Yakcop, the Government of Malaysia and Khazanah - believed that they had a strong defence to the claim and would take all measures necessary to defend it in order to protect their respective interests.

“Further, as the case is now before the courts, it should, therefore, be deliberated and decided accordingly by the courts,” it said.

The Star's StarBiz had reported that the out-of-court settlement figure was speculated to be about RM1 billion.

Halim, who once headed the Renong/UEM Group, claimed that he was “fraudulently induced” to sell his shares, and not paid what was agreed, to Khazanah in 2001. - July 19, 2013