Businessman Tan Sri Halim Saad has been ordered to pay RM62 million to Amanah International Finance Sdn Bhd (AIF) for breaching a financing agreement from 2015.

High Court judge Mohd Radzi Harun also ruled that Halim must pay Ta'widh (compensation for late payment) and cover AIF's costs. Additionally, Hektar Premier Sdn Bhd (HP), a company controlled by Halim, is liable for the amounts due to AIF under an Assignment of Surplus Sale Proceeds agreement from January 26, 2017.

AIF filed the suit against Halim in 2018, claiming RM62,031,201.48 was owed as of August 31, 2018, for breaching the June 2015 facility agreement. The short-term financing agreement, for an RM80 million loan, was intended to purchase shares in shariah-compliant companies listed on the local stock exchange and was set to mature in December 2015. The agreement went through four variations and extensions, the last one in October 2017, with a maturity date of October 2, 2017.

Judge Radzi also dismissed Halim's counterclaims against AIF and Abu Talib Abdul Rahman, which sought to void a December 30, 2015, share purchase agreement (SPA) between AIF and Halim's nominee Abu Talib, intended to finance the purchase of 20 million shares in Efogen Sdn Bhd. Halim wanted the RM20.25 million used to buy the shares refunded, arguing that AIF's then CEO, Datuk Razali Rahim, had convinced him and Abu Talib to buy the shares by claiming they were worth between RM80-100 million and were ready for a stock exchange listing.

Judge Radzi ruled the initial facility agreement and all its variations valid and legal, as well as the SPA between AIF and Abu Talib. However, he noted that while the transaction was legal, it was tainted by questionable ethics from certain AIF officials. He hopes AIF's top management will take positive measures to address this.

AIF is a member of Malaysia Industrial Development Finance (MIDF).