KUALA LUMPUR (Jan 2): Prime Minister Tun Dr Mahathir Mohamad said the East Coast Rail Link (ECRL) project may be downsized, provided that China agree to do so. In a recent interview with Sin Chew Daily, Dr Mahathir said the government is still in negotiation with China on the ECRL project, and has not found any good solution to resolve this issue, but both parties did not set any deadline for this negotiation. “What we are trying to do is, ensuring that China will not lose money, while we don’t needRead More
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.
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
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
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…
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.