Realmild-Umno links judgment on Dec 10
By Debra Chong, The Malaysian Insider
When the High Court here hands down its judgment on the disputed sale price of Realmild Sdn Bhd’s shares on December 2, all eyes will be trained on the grounds — whether Umno, the senior party in the ruling Barisan Nasional (BN), has been ruled to be the shadowy company’s real owner.
In taking their quarrel over the sale price of Realmild’s shares from a decade ago, former company directors Datuk Khalid Ahmad and Datuk Seri Abdul Rahman Maidin have showed how the political giant has fed and sustained its tight grip on power through control of several conglomerates starting from the early 1990s.
The suit was mooted by Khalid in March 2005 against his successor, Abdul Rahman, to claim RM10 million in payment for a block of the company’s shares.
But Abdul Rahman made a counter-claim to be refunded the RM5 million he already paid, after being told by former Prime Minister Tun Dr Mahathir Mohamad that Umno owned all Realmild’s shares and the appointed directors were only nominees acting in the party’s trust.
The nexus between Umno and certain conglomerates has been revealed in the court hearing that started in August this year involving the past shareholders of Realmild, the shadowy company that took over media giant The New Straits Times Press (Malaysia) Bhd in 1993, and Malaysian Resources Corporation Berhad (MRCB).
A number of high-flying corporate figures have entered the witness stand, most notably Tan Sri Syed Anwar Jamalullail, younger brother to the Raja of Perlis Tuanku Syed Sirajuddin Ibni Al-Marhum Tuanku Syed Putra Jamalullail who also held the position of Yang di-Pertuan Agong at the time of the contentious takeover.
Khalid is suing Abdul Rahman for RM10 million over the sale of a five per cent stake in the company in 1999, which took place during a shake-up and buy-out related to Datuk Seri Anwar Ibrahim’s sacking from government.
Abdul Rahman had paid RM5 million but later reneged on the remainder.
The silver-haired industry captain testified in court that Dr Mahathir, who was prime minister at the time of the buy-out, told him that the shares actually belonged to Umno.
When the High Court here hands down its judgment on the disputed sale price of Realmild Sdn Bhd’s shares on December 2, all eyes will be trained on the grounds — whether Umno, the senior party in the ruling Barisan Nasional (BN), has been ruled to be the shadowy company’s real owner.
In taking their quarrel over the sale price of Realmild’s shares from a decade ago, former company directors Datuk Khalid Ahmad and Datuk Seri Abdul Rahman Maidin have showed how the political giant has fed and sustained its tight grip on power through control of several conglomerates starting from the early 1990s.
The suit was mooted by Khalid in March 2005 against his successor, Abdul Rahman, to claim RM10 million in payment for a block of the company’s shares.
But Abdul Rahman made a counter-claim to be refunded the RM5 million he already paid, after being told by former Prime Minister Tun Dr Mahathir Mohamad that Umno owned all Realmild’s shares and the appointed directors were only nominees acting in the party’s trust.
The nexus between Umno and certain conglomerates has been revealed in the court hearing that started in August this year involving the past shareholders of Realmild, the shadowy company that took over media giant The New Straits Times Press (Malaysia) Bhd in 1993, and Malaysian Resources Corporation Berhad (MRCB).
A number of high-flying corporate figures have entered the witness stand, most notably Tan Sri Syed Anwar Jamalullail, younger brother to the Raja of Perlis Tuanku Syed Sirajuddin Ibni Al-Marhum Tuanku Syed Putra Jamalullail who also held the position of Yang di-Pertuan Agong at the time of the contentious takeover.
Khalid is suing Abdul Rahman for RM10 million over the sale of a five per cent stake in the company in 1999, which took place during a shake-up and buy-out related to Datuk Seri Anwar Ibrahim’s sacking from government.
Abdul Rahman had paid RM5 million but later reneged on the remainder.
The silver-haired industry captain testified in court that Dr Mahathir, who was prime minister at the time of the buy-out, told him that the shares actually belonged to Umno.
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