When did Zaid Ibrahim cease having interests in the firm?

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Zaid Ibrahim Ceased Interests in the Firm in March 2008

Datuk Mohd Zaid Ibrahim ceased having any interests in the legal firm Zaid Ibrahim & Co in March 2008. This cessation of interest occurred as a direct consequence of his appointment as a Cabinet Minister during that period, which legally precluded him from holding a practising certificate and thus any equity in the firm.
Sale of Remaining Equity

Following his appointment as a minister, Mohd Zaid was legally unable to retain any interest in the firm. Consequently, he entered into a Sale and Purchase Agreement on March 24, 2008, with Chew Seng Kok and Datuk Seri Dr Nik Norzul Thani Nik Hassan Thani. Through this agreement, Mohd Zaid sold all his remaining equity in Zaid Ibrahim & Co.
Installment Payments for Equity Sale

The agreed-upon purchase price for Mohd Zaid's equity in the firm was RM26.65 million. This substantial sum was structured to be paid in installments over a 20-year period, with the initial payment commencing on March 31, 2008, and the final payment scheduled for 2029. According to the firm's defence, Mohd Zaid has received payments in accordance with the terms of this agreement.
Firm's Continued Operation Without Zaid's Interest

The firm, Zaid Ibrahim & Co, asserts that its goodwill and the use of its name were developed through the collective efforts of all its partners. It highlights that the firm continued to provide professional services for approximately 12 years after Mohd Zaid's departure in March 2008, without any clients being misled into believing these services were personally associated with him. This suggests the firm's established reputation extended beyond its founding partner.

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When did Zaid Ibrahim cease having interests in the firm?

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