Thursday, July 18, 2013

Khazanah should not be made to pay for Nor Yakcop's fraudulent acts!

The Star's BK Siddhu has the latest scoop on the lawsuit of Tan Sri Halim Saad against Tan Sri Nor Mohamed Yakcop as the first party.

First read back our mid-June postings, Covering up Nor Yakcop's fraud and Truth is Nor Yakcop is a fraud. Rocky Bru put a posting of Halim's summon here. And, Nor Yakcop's affidavit can be found here.

There seemed to be an out-of-court settlement in the making. But, who will be paying for the liabilities arising from the fraudulent act of the first party? Some say it is still alleged fraud, but let's be honest to call a fraud as fraud. 

There is such a thing as insurance coverage for professional indemnity. However, it does not and should not apply for actions taken with a clear intention to commit fraud and default on a signed agreement.

For someone whose lost RM16 billion of the nation's money under Bank Negara Malaysia's managed reserve in the past, don't tell us that Khazanah Nasional has to be the insurance company to pay Nor Yakcop's liabilities?

The rakyat will not gives a duck to any excuse in saving a crook even if he is soft spoken, seemed "knowledgeable", and knows a lot of people.

Out-of-court settlement

Let's read BK's story first: 

Published: Thursday July 18, 2013 MYT 12:00:00 AM
Updated: Thursday July 18, 2013 MYT 9:20:15 AM

Speculation rife out-of-court settlement being hammered out for Halim Saad's case


PETALING JAYA: Speculation is rife that an out-of-court settlement is being hammered out to conclude the controversial suit filed by Tan Sri Halim Saad against Tan Sri Nor Mohamed Yakcop and two others over allegations that he was forced to sell his stake in Renong/UEM Group to Khazanah Nasional Bhd in 2001.

The settlement figure bandied around, according to sources, is about RM1bil.

However, in his statement of claim filed at the High Court on April 30, Halim is claiming about RM2bil, which includes accumulated interest and tracts of land that he claims were agreed in an deal reached in 2001.

The sources claim the parties involved have met via their intermediaries with one meeting taking place this week. However, this could not be verified as at press time and Halim, when contacted yesterday, declined comment.

If indeed there is an out-of-court settlement, it would follow the route taken to resolve the six-year suit by former Malaysia Airlines (MAS) executive chairman Tan Sri Tajudin Ramli, who had sued brought a suit against Pengurusan Danaharta over the 32% stake shares in MAS.

Halim, who was once the head honcho of the Renong/UEM group, alleged in his statement of claim that he was “fraudulently induced’’ to sell the shares, and not paid what was agreed.

In his suit, he named the Government and Khazanah as second and third defendants respectively, and Nor Mohamed as the first defendant.

The core of the claim is the series of events which led Halim to give up control of Renong and the role played by the then prime minister Tun Dr Mahathir Mohamad and his special economic adviser, Nor Mohamed.

But to counter Halim’s claims, the defendants filed their defence recently, arguing that Halim’s suit should be struck out because it was time-barred.

For that they cited Section 6 of the Limitation Act 1953, whereby a litigant should act within six years once a cause of action arose.

Nor Mohamed in his affidavit filed on July 8, also denied he told Halim that Umno was the owner of the assets. But Halim in his statement of claim contended that the shares were his, but was told that all the assets that Khazanah took over from him belonged to Umno and therefore there was no reason to pay him for the assets.

Halim also alleged he did not receive the agreed amount of RM1.3bil, tracts of land including those in Iskandar Malaysia, and interest in Kualiti Alam, and others as part of an agreement reached in 2011. Instead he claimed he only got RM165mil, of which RM100mil was the first instalment for the put option that was refunded to him, and RM65mil for interest and costs.

Nor Mohamed alleged that during the whole process of the general offer, Halim did not claim the existence of any agreement to compensate him in cash and property.

To recap, the Asian financial crisis of 1997 led to the fall in Renong’s share price. It was then known as the biggest debtor in town. In 1997, UEM announced it was buying a 32.5% stake in Renong but that did not go down well with investors. To appease the market, Halim had in 1998, offered to buy the Renong shares from UEM via a put option worth RM3.2bil.

Halim paid the first RM100mil but could not pay up the second when it was due, which was when Khazanah took over.

Later, Khazanah took UEM private and cancelled the put option. Through UEM and Renong, Halim then had controlled no fewer than six other public-listed companies and also the land which is now being developed as Iskandar.
Khazanah paying?

What is due for Halim from Khazanah is due to him. It does not matter what is the amount. It is only fair that since Government of Malaysia and not Khazanah was the signatory, Government have to pay.

We doubt that the Government will pay for shares already transferred to Khazanah Nasional. It will not be a surprise that Khazanah is the one involved in the legal suit because the Government side kept silent and only Khazanah issued a statement.

Since Nor Yakcop is Deputy Chairman, the rakyat will be concern on who is paying for the legal bills of Nor Yakcop. And, will the discussion be inclusive of his personal liabilities?

If so, and it is expected to be so, it means Khazanah is solving Nor Yakcop's personal liabilities. That can't be.

Even the argument that he was doing it for Government and not to enrich himself does not hold ground because when one signs an employment agreement or job contract, quite sure one is expected to do so in accordance with the rule stipulated from time to time by the superior and in accordance to the law.

There could be things called professional indemnity coverage by insurance companies to cover negligent claim by clients due to error and omission mistake. But this is a case of intentional fraud and default, not error and omission mistake.

For Nor Yakcop to claim defense on the basis of statutory of limitation, it is not a smart move. He is basically trying to get away on technicality and it is basically an admittance of guilt.

Theoretically, Halim can file for a police report for the crime of fraud. Is there statutory limitation for criminal fraud?

Nor Yakcop and Government may buy time by getting friendly police in Jabatan Siasatan Jenayah (JSJ) or Dato Ramli Yusof's old goldmine at Jabatan Siasatan Jenayah Komersial (JSJK) to NFA or KIV the case or "adjustable" Tan Sri Gani Patail may claim as no case.

Even if Halim passed on, we believe his estate can still continue to make claim on the Government and also Nor Yakcop and his Brother in Racing, Kanari Group of Companies, proxies like Hasbie, xxx, yyy, zzz, etc, and some secretly kept nicely in Dubai.

Government default

Bankers are now acknowledging the reality that Government do default

The meter will be running and Government need to resolve this matter. If not because the Jewish banking world of compounded interest is expensive, the whole world will now know that Nor Yakcop tried to get away on technicality and that is an admittance of guilt.

It means our Government defaulted on a clear cut agreement. Any legal contract involving the Government will be seen as not binding.

Dato Omar Ong and Dato Idris Jala must be scratching their head because in their hurried pace to dupe the nation into believing of their vision of developed Malaysia is to idiotically open up Malaysia, the Government openly act unprofessionally like a 3rd world country to decay on their agreements.

Who is to believe the Government?  

Then on the matter of UMNO asset, Nor Yakcop denied it is UMNO assets but as alleged by Halim, Tun Mahathir said Nor Yakcop told him so.

Halim has a witness and unless, his witness Tan Sri Rashid Manaf can be bought or bribed or threatened albeit in the infamous soft spoken Nor Yakcop way, Nor Yakcop basically lied to Tun Mahathir.

On "Nor Mohamed alleged that during the whole process of the general offer, Halim did not claim the existence of any agreement to compensate him in cash and property", we are still trying to understand this. The agreement is well documented and there are correspondance.

Is Nor Yakcop trying to buy time till he can come up with a better legally credible excuse? Also there is the probability that Nor Yakcop does not have his documents in order and worse still, he does not know what is at stake.


Damn what do I care!!!

If one remember the way he siphoned money CBT-wise at Abrar Corporation Berhad, he does it amaterishly in the manner of a reckless foreign exchange trader Nor Yakcop is.  

Main hantam saja!

If that is the case, Halim should ask for more than a RM1 billion settle all deal. Can 0.1% be alright as fee? Just kidding ...

Read back past postings below on why this man Nor Yakcop is not only a fraud, but corrupted, reckless and irresponsible, and dishonest:
Part 1: A great talent leaves
Part 2: Continued presence
Part 3: Bounty to hunt
Part 4: Rogue trader
Part 5: Forgiven sins
Part 6: Cover-up and rising up
Part 7: Aides charged for corruption
There is still many more Parts. It is a slow month of Ramadhan and there is the Kuala Besut by-election.

The big puzzle is why Prime Minister Dato Najib still trust a man who breached the Trustee Act is thus not trustworthy, unlawfully committed CBT under the Company Act, and now practically admited himself is a fraud be kept as Deputy Chairman and Chairman of Executive Committee of Khazanah?

With the appointment of another fraud, namely Emir Mavani as CEO of Felda Global Venture Berhad, and allegedly took commission and kickback, Dato Najib mindset could be in the dangerous, careless and reckless zone of moral hazard.

Even keeping Emir for few months as claim by BK Siddhu here is a dangerous and irresponsible thing to do. Mavani can do what Nick Leeson and Nor Yakcop did. He's even got the wife to attend and asked question in his meeting.

Being a leader, one must know when it is time to be decisive and to be cruel, in order to be kind to the rest.


Anonymous said...


It is public funds that will be used to "settle out of Court" with Halim Saad. RM1.0 billion of public money. Duit kita tu. This is a clear conflict of interest.

Halim Saad is suing Nor Yakop personally. In 1998 when this legal tangle took place, Nor Yakop was not Chairman of Khazanah. Now Nor Yakop is Dep Chairman of Khazanah Nasional. Since the PM (Chairman) does not come to office, effectively Nor Yakop calls the shots in Khazanah. Not the PM.

So quite surely it is Nor Yakop who has got Khazanah to agree to this "out of Court" settlement with Halim Saad - using public funds?

The question is if the settlement is RM1.0 Billion how much comes from Khazanah and how much comes from Nor Yakop? Surely Nor Yakop must also pay some portion? So how much is he going to pay out of his own pocket? 10% of RM1.0 billion? That is RM100 million. Where will he get that money? Even if it is 1%, that will be RM10 million. Where will he get that much money? From Kemuncak?

As you rightly say, who pays Nor Mohd Yakop's legal fees? Is Khazanah paying?

As you rightly say this mamak padukang has been involved in one disaster after another - all with public money. Dulu he lost RM17 billion. Now his actions have cost the public another RM1 billion.

Tapi pemimpin kita bodoh juga. They keep appointing this mamak to important positions and he keeps screwing up. You are right about Dubai. There is money in Dubai. That is where the money will come from. Maybe his sons will be making a withdrawal there soon.

Anonymous said...

Apabila Dracula disuruh menjaga tabung darah

Anonymous said...

Oh man... I do wish it would be a full hearing and not seek a way out for MNY. He should be exposed for hat he allegedly was. Then it would be clear for all that PM Najib again made another blunder by giving him dignity in public office.

We the public are VERY interested to know how the scheming guy works his wonders and for all to take note and watch out for.

It is of public interest and I hope TS Halim Saad will go for the kill. If at all there were to be a "negotiated solution" the TS Halim should not insist on the lower amount....

MNY can afford it.... PM Najib shouild rescind ALL appointments regarding MNY....let him be the beggar...

Anonymous said...

Najib's Advisors and his chosen people

1. Omar Ong - Najib's advisor - is worth RM300 million. Both AES companies are linked to Omar Ong.

2. Kahiril Annuar Jusoh - advisor and speech writer - homosexual. Divorced from Sharifah Nabila bt Syed Abdul Rahman (Mongolia counsel) after 1 month marriage. Syed Rahman was paid RMxx Million to get his daughter to withdraw her suit against Khairil Annuar Jusoh in the Mahkamah Syariah.

3. Abdul Azeez Rahim - Chairman Tabung Haji. Former waiter, used car salesman and conman. Has sapu millions of Ringgit from Gaza money, Somalia money, Rohingya money. Now appointed by Najib as Chairman Tabung Haji.

4. Jamaludin Jarjis - in charge of failed war room that almost lost elections. Recently involved in RM72 million 'BN Manifesto' deal with Zeal HiTech Solutions. Close advisor to Najib.

5. Nor Yakop - enough said. Appointed by Najib as Dep Chairman Khazanah and Chairman PNB.

These are people appointed by Najib.

Anonymous said...

Undilah Barisan Nasional!

SiKenit said...

Omar Ong breached his bond with Petronas. There was a Shah Alam court ruling on the matter.

Nor Mohamed Yakcop as per all you have written.

Pls stop blaming them. They are of low moral standing.

PM Najib closed both eyes and still appointed this crooks into very strategic posts.

All is about PM Najib. He is so hard up in getting the nation as a developed status, that he could care less what will happen later.

That's come what may, despite so many criticism and opposition, TPPA will be signed by October.

Malaysia will be an economic colony with the staus of permanent corporate slave of Wall St and the City.

This Keling and Cina, along with Jho Lo will be the tools to realise all that.

Anonymous said...

Time for Najib to move out. You have failed

maae said...

I read with great interest.A lot of kong kali kong and the power of one man decision making!

Kenapa masih berlegar seperti tiada apa-apa terjadi? Sekurang-kurang nya kes di bawah cbt.

Immunity? If that's the case, then our government must be in the wrong development policies. Yang kaya berkuasa, yang miskin selama-lama nya hampas!

Anonymous said...

alaa brim kan ada..soal negara biar laa org atas selesaikan..

janji ada brim...

sayang BN!

the victim said...

1.The problem is, too many important people - two previous PMs and the current one included - may be forced to accept fait accompli for NMY's actions.

2. He was fully trusted and given a wide berth by all the three. They cannot now say they didn't know what he did or is doing.

3. When Anwar was sacked in 1998 and Daim left the government for the second time all files relating to GLC and Umno businesses ware handed over to NMY. Overnight from the pariah that lost RM30B of Bank Negara money becaome the brahmin of Malaysian business.

4. First order of business was Daim's boys because he always believed that Daim was responsible for his exile. He got his in punishing Halim and Tajudin because Mahathir was angry with Daim for resigning and for telling him that he too should consider retiring.

5. NMY went about threatening and blackmailing every Bumi businessman who were linked to Daim and Umno using Mahathir's name and grabbing their assets.

6. He got his way because Mahathir and later sleepy Dollah and now queen-controlled Najib trusted him fully and were taken up by his superficial loyalty and ampu. When he cannot use the front door, he uses the back ones. He is closer to Rosmah than to Najib because Rosmah is more intelligent and forceful. She knows what she wants and what NMY can do for her.

7. To know the real NMY ask the joli club members, the kali botol, the kaji judi and kaki main perempuan and the racers at Sepang f1 Circuit.

8. Najib and the AG won't dare go for open trial and won't win. They caught between the snake and the brick wall with to stick in hand. Who pays to save them? We the taxpayers. Opposition will have a field day once again Anwar will keep the distance because he too benefited from Halim.

Anonymous said...

satu lagi projek kroni bawah NMY ... North Cordr, harus disiasat...Reza Mafiq Kutty, beratus juta duit rakyat keluar tanpa mengikut prosedur kerajaan, hilang duit rakyat...bagi sesama kawan??

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