KUALA LUMPUR, May 25 — Malaysian corporate figure Tan Sri Halim Saad has denied that he was quizzed by the Malaysian Anti-Corruption Commission over alleged embezzlement of RM2.3 billion pertaining to the purchase of a listed company’s shares by a Malaysian conglomerate about 26 years ago.
The news portal reported that Halim, who is now involved in the oil and gas industry overseas, condemnedHalim claimed that the coverage in the business weekly had fuelled unfounded speculation that has since gone viral on social media, and cast aspersions on him over his role in UEM’s purchase of the Renong shares.
In further clearing the air, Halim also refuted media claims that UEM’s acquisition of the shares was a “government bailout” of Renong. Halim noted that UEM acquired the Renong shares from the open market, at market price through six nominee companies. In Malaysia, RPT is a transaction between the corporation and individuals or other corporations in which the directors of the company or substantial shareholder are connected. RPT is usually important in audit engagements because they are high-risk areas and require disclosure.
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