PETALING JAYA: Boustead Holdings Bhd and its wholly-owned subsidiary Bakti Wira Development Sdn Bhd, who are being sued alongside former prime minister Datuk Seri Najib Razak and his wife Datin Seri Rosmah Mansor by businessman Deepak Jaikishan, have denied allegations made in the suit, calling them “baseless, frivolous, vexatious and unjustifiable”.
In a filing with Bursa Malaysia today, the group said it has at all times observed good corporate governance and ethical business practices in the companies' dealings and given due commercial considerations before entering into the transactions mentioned in the statement of claims.
“The directors of both Boustead and Bakti Wira believe that the plaintiff's claims are untenable and are therefore positive that the companies will prevail in this litigation,” Boustead told Bursa Malaysia.
Deepak is suing for damages of more than RM676 million over alleged conspiracy in land transactions.
Boustead is the third defendant and Bakti Wira the fourth defendant in the suit, which was filed in the Court on Oct 12.
In the writ of summons, Deepak is alleging tort of conspiracy, conspiracy to defraud, tort of conversion and/or undue influence by the defendants in some past acquisitions of shares and land.
He is also claiming for the return of the shares in a company Astacanggih Sdn Bhd, which was acquired by Boustead and Bakti Wira; declaration that certain past transactions are null and void; and declaration of his rights over certain land.
Boustead and Bakti Wira have 14 days from the date of receipt of the writ of summons to enter their appearance in the suit. The matter has been fixed for case management on Nov 14, 2018.
On Bursa Malaysia today, Boustead ended 1 sen or 0.6% lower at RM1.71 on 12,600 shares done.
KUALA LUMPUR (Oct 3): Malaysian authorities once again called in former Prime Minister Datuk Seri Najib Razak and his wife, Datin Seri Rosmah Mansor, for questioning on Wednesday in an investigation into alleged graft linked to state fund 1MDB. Najib, whose coalition suffered a stunning election defeat in May, faces 32 charges ranging from money laundering to abuse of power and criminal breach of trust in the effort to uncover how billions of dollars went missing from 1Malaysia Development Bhd (1MDB). Najib, 64, arrived at the anti-money laundering and anti-terrorRead More
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KUALA LUMPUR (Oct 1): In response to former prime minister Datuk Seri Najib Razak’s comment on housing prices, Finance Minister Lim Guan Eng said it is tough to influence the price of land, which is why the government had opted to reduce the cost of construction instead. Lim also took a swipe at Najib, pointing out that high land prices were prevalent during the former prime minister’s time as well. “Land prices are decided by market forces. It is too big for the government to influence market prices. But whatRead More
KUALA LUMPUR: Land prices are dependent on locality and are decided by market forces, said Finance Minister Lim Guan Eng.
“At the end of the day, it's outside the government's control. It's too big for us to really influence market prices. What we can do is save cost for housing developers and we hope that housing developers will also give us a positive response,” he told a press conference after launching the Institute of Corporate Directors Malaysia (ICDM) here today.
Lim has urged developers to reduce house prices as construction materials and services are exempted from the Sales and Service Tax (SST), or the government will review the waiver.
Former Prime Minister Datuk Seri Najib Razak criticised Putrajaya’s threat to revoke tax exemptions for building materials if the price of houses did not drop, arguing that the cost was not based on raw materials alone.
Najib, who was the former finance minister, said the biggest factor in determining the price of a house was land cost.
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KUALA LUMPUR: Finance Minister Lim Guan Eng said the former Prime Minister Datuk Seri Najib Razak was aware of the exact cost of the Light Rail Transit Line 3 (LRT3).
Lim, who was speaking at a special luncheon during the Associated Chinese Chambers of Commerce and Industry of Malaysia's (ACCCIM) AGM today, said that Najib had attended the meetings.
Last week, Lim announced that the final cost for LRT3 has been reduced by 47% from RM31.65 billion to RM16.63 billion, saving Malaysians a total of RM15.02 billion.
“It looks like a miracle but it's not because the original cost was overstated,” he said, adding that the project must go ahead as traffic will worsen.
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