THE Malaysian government has denied forcibly taking over the shareholding of United Engineers Malaysia Bhd (UEM) and Renong Bhd owned by the latter’s former executive chairman Halim Saad 23 years ago. 

In their statement of defence, former prime minister Dr Mahathir Mohamad, former finance minister Nor Mohamed Yakcop, and the government stated that the takeover was approved by Halim, who received RM165 million in compensation.