KINABALU: Warisan Harta Sabah Sdn Bhd made a profit of no less than RM122
million in a composite share-swap transaction in 1997 with Suniwang
Holdings Sdn Bhd, involving the MISC, NBT and Sugar Bun shares.
was stated by former Chief Minister Datuk Yong Teck Lee to his leading
counsel Simon Shim at the hearing of a libel suit brought by Yong against
PBS Tanjung Aru MP Dr Yee Moh Chai at the High Court Thursday.
even after consideration of the provision against the fall in the share
price of NBT, the company was able to make a profit of about RM50 million
which enabled the company for the first time in its history to declare
dividend in the region of RM7 million to shareholders," he said.
said the public was misled by Yee who stated that the North Borneo Timber
Sdn Bhd (NBT) shares acquisition was one single outright acquisition that
had caused Warisan Harta Sabah Sdn Bhd to suffer heavy losses.
added it was deliberately created by Yee and aggravated by a string of
statements he subsequently issued.
had prompted many criticisms and attacks from the opposition as well as
some Barisan Nasional leaders, he told Justice Sulong Haji Matjeraie.
defendant (Yee) knew full well that it was a composite transaction yet he
chose to ignore the other twoe components of the transaction and attacked
on the NBT shares only," he said.
the same time, he said the plaintiff would also present evidence that the
acquisition price of NBT shares was actually lower than the price approved
by the Foreign Investment Committee and its Securities Commission in
relation to the said shares three months before the acquisition.
Lordship will also hear evidence that the defendant has ill feelings,
personal spite and a vendetta towards the plaintiff, which no doubt well
explain why the attacks were so malicious and persistent," he said.
said Yee was simply indifferent to the true or falsity of the matter and
his choice of words and the change of the figures to a higher number each
time he made the statement "clearly shows that he was
sensationalising the matter".
plaintiff's witnesses would also demonstrate that the transaction involved
the disposal of MISC shares by Warisan Harta to Suniwang at 10 per cent
above the market price and the acquisition of NBT shares by Warisan Harta
from Suniwang at 30 per cent below market price and Sugar Bun at market
difference of RM50 million would be settled in cash by Suniwang to Warisan
Harta and that Warisan Harta need not come out with cash for the
acquisition of the NBT and Sugar Bun shares.
addition, there were various safeguards in favour of Warisan Harta in that
in the event of a drop in the share price of NBT and Sugar Bun. Suniwang
was obliged to make good the difference and there was personal guarantee
to that effect," he said.
if there was a drop in the share price of MISC shares, there was no
recourse to Warisan Harta and this is commonly known as composite shares
also stressed that this was an action for libel and that the Warisan Harta
transaction "though has its merit is not on trial"
evidence on the merits of the transaction should be rejected and if
allowed would contribute to the awards of the damages and costs if Your
Lordship later finds that the same were indeed defamatory of the
Plaintiff," he said.