(Mabruk to Dato Khalid....promised to attend the ruling but could not make it but his text message good enough! :) Ex-MRCB chairman loses appeal, told to pay RM10 million for media company shares BY V. ANBALAGAN OCTOBER 29, 2013 Former Malaysia Resources Corporation Bhd (MRCB) chairman Datuk Seri Abdul Rahman Maidin has to pay RM10 million, the balance of the purchase price of 5% of Realmild Malaysia Sdn Bhd shares owned by businessman Datuk Khalid Ahmad. This follows the Court of Appeal ruling today which upheld the High Court decision three years ago. A three-man bench chaired by Datuk Mohd Hishamuddin Mohd Yunus said the trial judge, Datuk Mary Lim Thiam Suan, had carefully examined the evidence in totality. We conclude her findings as fair and reasonable, especially on the amount of indebtedness and the issue of nominee, he said, dismissing Abdul Rahmans appeal. The court also ordered Khalid to be paid RM10,000 in costs. Abdul Rahmans lawyer Alex De Silva said he has to receive instructions from his client whether to take up the matter to the Federal Court – Abdul Rahman has to first obtain leave to appeal against the Court of Appeal ruling. Khalid, who was present in court today, said the shares belonged to him and he was never a nominee of Umno as claimed by Abdul Rahman or others. It does not matter if the money to purchase the shares came from my friends, he told reporters. Realmild was formed in 1991 to acquire MRCB, which controlled New Straits Times Press Bhd and Sistem Televisyen Malaysia Berhad. Former Berita Harian group editor Datuk Nazri Abdullah had 70%, former New Straits Times Press group editor Datuk A. Kadir Jasin had 20%, while Mohd Noor Mutalid (former NSTP senior group general manager, production and circulation) and Khalid (former managing director of NSTP) each had 5%. Sometime in 1999, the then Finance Minister Tun Daim Zainuddin had instructed Abdul Rahman, then MRCB chairman, to buy Realmild shares from the four men. Khalid agreed to sell the 5% shares at RM15 million. Rahman had then initially paid RM5 million. An agreement was drawn up to pay balance of the purchase price in two instalments, but Khalid found out that the amount stated in the document was only RM10 million. He filed a suit to recover the money in 2005. Meanwhile, Abdul Rahman in his defence said he found out that the four men, including Khalid, were holding Realmild shares as nominees for Umno. He told the High Court that this was revealed to him by former prime minister and Umno president Tun Dr Mahathir Mohamad. Abdul Rahman himself transferred Realmild shares to Datuk Seri Syed Anwar Jamalullail without consideration in 2002. He had also told the trial court that in 2001 he was summoned to meet Dr Mahathir and then economic adviser to the government Tan Sri Nor Mohamed Yaakop, who instructed him that the shares be transferred to Syed Anwar. At that meeting Dr Mahathir told him that all 7.1 million Realmild shares registered in his name (Abdul Rahman) belonged to Umno. Abdul Rahman is said to have paid RM40 million to get back the Realmild shares from the four men. Dr Mahathir had told Abdul Rahman that there was no reason to pay the RM40 million as the shares always belonged to Umno. Abdul Rahman, who joined PAS last year and contested under the PAS ticket in Tasek Gelugor, said he was extremely shocked as he never at any time knew that Umno were the true owner of the shares”. Nazri, who testified for Abdul Rahman, also revealed that 70% of his shares belonged to Dr Mahathir. – October 29, 2013.
Posted on: Tue, 29 Oct 2013 09:42:17 +0000
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