KUALA LUMPUR, November 18 Businessman Datuk Seri Kalimullah Hassan denied currently Khairy Jamaluddins impasse with ECM Libra Bhd resulted in the investment banks gratefulness to climb to RM330 million in the retreat takeover of South Peninsular Industries (SPI) in Mar 2004.
The former New Straits Times Press (NSTP) deputy authority told the High Court here in his defamation fit against counsel Matthias Chang which the son-in-law of then-Prime Minister Tun Abdullah Ahmad Badawi only assimilated the association as the junior staff after the understanding was done.
Changs counsel Datuk R. Kamalanathan had pronounced which ECM Libra was scheming to make the Rembau MP the shareholder upon the basement of his relationship with the budding minister, who was additionally the finance minister, allowing the board of directors to worth the association at 10 times the projected earnings for the year.
Absolutely not true. Khairy is not relevant. That is wrong as well as scurrilous, Kalimullah (picture) said.
He pronounced the gratefulness was formed upon industry norms as well as the peaceful buyer, peaceful seller basis, citing Kencana Petroleums recent twenty-five times gratefulness in the merger with SapuraCrest.
Kalimullah pronounced there is nothing wrong with employing Khairy as the executive in ECM Libra for his connectors though stressed which this was not only politicians though with industries, this is how commercial operation is done.
Wouldnt we agree which this is entirely corrupt? Stealing the impetus upon an typical authority who has no connections? Kamalanathan asked.
Then every investment landowner in town is corrupt, Kalimullah replied.
Kalimullah is suing Chang for RM50 million for allegedly calling him the hypocrite as well as hurtful in his role in ECM Libra, the investment promissory note organisation! where c urrently he sits as shareholder as well as non-executive chairman, during the press conference upon June 13, 2006.
The remarks were subsequently published in an article in Singapores Straits Times the following day.
Umno Youth arch Khairy has applied to give up from testifying in the fit after being subpoenaed by Chang, who was once former Prime Minister Tun Dr Mahathir Mohamads political secretary, to infer his defence of qualified privilege, fair criticism as well as justification.
ECM Libras retreat takeover of loss-making listed SPI allowed it to be listed upon Bursa Malaysia.
Hearing continues this afternoon.
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