najib razak

 
 

Government to takeover EDL for RM1.3b

PETALING JAYA: Government to take over Eastern Dispersal Link (EDL) from Malaysian Resources Corp Bhd for RM1.3 billion.

The amount is about 16% lower than its RM1.55 billion valuation.

To recap, toll collections at the EDL have been abolished since Jan 1, 2018 pending disposal of the highway by MRCB Southern Link, a unit of MRCB. The expressway has an outstanding debt of RM1.02 billion.

Former Prime Minister Datuk Seri Najib Razak had announced that toll collection would be abolished at EDL, along with the Batu Tiga and Sungai Rasau toll plazas on the Federal Highway in the Klang Valley, and at Bukit Kayu Hitam in Kedah, in his Budget 2018 speech.


Najib arrives at MACC for questioning over IPIC deal

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PUTRAJAYA (Oct 24): Former prime minister Datuk Seri Najib Razak has arrived at the Malaysian Anti-Corruption Commission (MACC) headquarters here for questioning over 1Malaysia Development Bhd’s (1MDB) dealings with International Petroleum Investment Company (IPIC). Najib and former Treasury secretary-general Tan Sri Dr Mohd Irwan Serigar Abdullah were summoned by the MACC to be at the headquarters at 2pm. Najib, clad in his trademark blue suit, arrived at 1.55pm. At press time, Mohd Irwan Serigar had not arrived at the premises. Bernama reported yesterday that the duo is expected to be chargedRead More


Boustead: Alleged land conspiracy involved 200 acres in Selangor

PETALING JAYA: The land transactions named in businessman Deepak Jaikishan’s lawsuit involves three pieces of freehold land measuring 200 acres in Selangor that were acquired for RM130 million cash, said Boustead Holdings Bhd.

In a filing with Bursa Malaysia, Boustead said in December 2012, it acquired two plots of land measuring 96.825 acres and 81.085 acres in Kapar, Klang as well as a plot of land measuring 22.09 acres in Bukit Raja, Petaling.

The acquisitions were made by its wholly owned subsidiary Bakti Wira Development Sdn Bhd and Astacanggih Sdn Bhd.

Boustead also explained that Bakti Wira had acquired an 80% stake in Astacanggih for RM30 million cash from Prestige Dimension Sdn Bhd and other minority shareholders in December 2012.

“The purchase consideration for both acquisitions were arrived at on a willing seller and willing buyer basis with reference to the market value of the freehold lands as appraised by an independent valuer,” it said.

It added that the acquisitions, which were announced on Dec 27, 2012 and Jan 3, 2013, contained information on the rationale and benefits, risks and effects, industry outlook and prospects, and approvals required for both transactions.

To recap, Boustead and Bakti Wira are being sued alongside former prime minister Datuk Seri Najib Razak and his wife Datin Seri Rosmah Mansor by Deepak, 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 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 Astacanggih; declaration that certain past transactions are null and void; and declaration of his rights over certain land.

Yesterday, Boustead and Bakti Wira denied the allegations made in the suit, calling them “baseless, frivolous, vexatious and unjustifiable”.

It said that the group has at all times observed good corporate governance and ethical business practices in the companies’ dealings and had given due commercial considerations before entering into the transactions.

On Friday, Boustead’s share price fell 1.17% or 2 sen to close at RM1.69 with 107,900 shares traded.


Boustead Holdings down 1.75% on Deepak’s lawsuit

PETALING JAYA: Boustead Holdings Bhd’s share price fell as much as much as 1.75% to RM1.68 this morning after denying allegations made in the lawsuit against it by businessman Deepak Jaikishan.

At 11.02am the stock was trading at RM1.69 with 23,000 shares done.

The group 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 Deepak, have denied allegations made in the suit, calling them “baseless, frivolous, vexatious and unjustifiable”.

In a filing with Bursa Malaysia yesterday, 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 board also said the plaintiff's claims are untenable and are therefore positive that the companies will prevail in this litigation.

Deepak is suing for damages of more than RM676 million over alleged conspiracy in land transactions.

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, unit deny claims in businessman Deepak’s lawsuit

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.



Monetary sector stable despite Putrajaya's fiscal challenges

KUALA LUMPUR, Oct 1 — Malaysia’s monetary sector is stable despite the government’s fiscal challenges and issues which resulted from the excesses of the previous government, said Finance Minister Lim Guan Eng. He said Malaysia’s banking…


Tough for govt to influence land prices, says Guan Eng

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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


Guan Eng urges developers to reduce house price

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.


Malaysian island city in trouble as PM targets China-linked projects

KUALA LUMPUR: An ambitious US$100 billion island city being built off Malaysia has found itself in troubled waters as the new government takes aim at the development, the latest in a series of China-linked megaprojects started under the scandal-plagued ex-premier to come under attack. Forest City’s futuristic high-rises and waterfront villas are under construction on […]