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.