Halim Saad Cleared by MACC in RM2.3B Embezzlement Investigation"

KUALA LUMPUR — Tan Sri Halim Saad has been exonerated by the Malaysian Anti-Corruption Commission (MACC) in its probe into the alleged embezzlement of RM2.3 billion linked to a 1997 share purchase by a conglomerate.

The former chairman and co-founder of Renong Berhad, which once dominated the country's infrastructure and property sectors, confirmed receiving an official letter from MACC on December 4, 2023, clearing him of any wrongdoing.

“This letter confirms that no evidence of wrongdoing was found regarding the investigation,” he said. However, he remains involved as a witness in the ongoing inquiry.

Halim's statement follows investigations into the 1997 purchase of Renong shares by United Engineers (M) Bhd (UEM) for RM2.3 billion, amid rumors involving political figures and a businessman with a "Tan Sri" title. The investigation, which started in May 2023, has been looking into possible embezzlement of state funds.

UEM is currently majority-owned by Khazanah Nasional Berhad, a government-linked entity.