Did Tan Sri Halim Saad face MACC questioning over RM2.3b deal?

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Tan Sri Halim Saad Denies MACC Questioning Over RM2.3 Billion Renong-UEM Deal

Tan Sri Halim Saad has stated that he was not questioned by the Malaysian Anti-Corruption Commission (MACC) regarding the RM2.3 billion deal involving United Engineers (M) Bhd (UEM) purchasing shares in Renong Bhd. He specifically refuted media speculation that he was summoned by the MACC for inquiries into this transaction, which occurred approximately 26 years ago.
Denial of MACC Summons

Halim Saad, a prominent businessman, explicitly denied being called in for questioning by the MACC concerning the alleged embezzlement linked to the 1997 share acquisition. He expressed his disagreement with media reports that suggested his involvement in an MACC investigation into the matter.
Details of the Renong-UEM Transaction

The transaction in question involved UEM’s purchase of a 32.6 per cent stake, equivalent to 722.9 million shares, in Renong Bhd for RM2.3 billion in November 1997. This acquisition took place during the Asian financial crisis. Halim Saad, who held a 23 per cent stake in Renong and served as its executive chairman at the time, was reportedly implied by The Edge to be instrumental in the controversy surrounding this deal.
Refutation of "Government Bailout" Claims

Halim Saad also contested claims that UEM's acquisition of Renong shares constituted a "government bailout." He clarified that UEM financed the purchase using its own resources and banking facilities, arguing that a bailout would only apply if government funds were utilized. He further explained that the shares were bought from the open market at prevailing market prices through six nominee companies, and not through a private treaty. Subsequent investigations by the Kuala Lumpur Stock Exchange and the Securities Commission confirmed that the transaction was not a related party transaction (RPT).
Rationale Behind the Share Purchase

According to Halim Saad, the finance ministry had requested UEM to acquire Renong's shares to prevent foreign control of the company and its assets, such as the North-South Expressway, amidst concerns of a hostile takeover. He defended the purchase as being in the national interest. He also disputed any personal benefit, asserting that the Renong shares acquired by UEM did not include any from his own stake, which remained unsold to UEM. The acquisition was approved by UEM shareholders at an extraordinary general meeting in February 1998.

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Did Tan Sri Halim Saad face MACC questioning over RM2.3b deal?

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