Another sweetheart deal from the Najibs? Deepak drops suit, LTAT unit buys out his firm for RM30 MILLION

KUALA LUMPUR,― Deepak Jaikishan has withdrawn his lawsuit against Putrajaya for an alleged breach of agreement over land in Bukit Raja, Selangor on the same day a unit of a government investment company reported it bought an 80 per cent stake in the carpet dealer’s property development firm for RM30 million.

The controversial businessman has made various allegations about the deal that involved Selangor Wanita Umno chief Senator Datuk Raja Ropiaah Abdullah, but has disappeared since December 13.

The Star reported today that a court official confirmed Deepak had, through his lawyer, withdrawn his suit without costs in the case of his company Astacanggih Sdn Bhd, which named the government’s Syarikat Tanah dan Harta Sdn Bhd, Awan Megah (M) Sdn Bhd and its nominee company, Cebur Megah Development Sdn Bhd, for allegedly breaching the agreement.

Awan Megah defence lawyer Datuk Saseedharan Menon said written submissions had been tendered to the Kuala Lumpur High Court and trial judge Justice Mohd Zabariah Yusof had discussed the matter with both parties in chambers yesterday.

In the statement of claim, Astacanggih alleged that Awan Megah agreed with the company that the government and Syarikat Tanah dan Harta had agreed to transfer the Bukit Raja land to Cebur Megah.

It said the transfer would be implemented within a month after Astacanggih submitted the land bond to the government. But it was never done, said Deepak, who shot to fame for his role in arranging private investigator P. Balasubramaniam’s second sworn statement about the 2006 murder of Mongolian national Altantuyaa Shaariibuu.

In its counter-claim, Awan Megah sought a declaration that Astacanggih had repudiated the letter of agreement.

Meanwhile, Bernama reported that a unit of Lembaga Tabung Angkatan Tentera investment vehicle Boustead Holdings Bhd has acquired an 80 per cent stake in Astacanggih Sdn Bhd for RM30 million.

In a filing with Bursa Malaysia, Boustead said its wholly-owned unit, Bakti Wira Development Sdn Bhd, acquired the shares from Prestige Dimension Sdn Bhd and other minority shareholders of Astacanggih on December 20.

Bakti Wira Development and Astacanggih also signed an agreement with Awan Megah yesterday to acquire 80.94ha of freehold land in Klang, Selangor, for RM130 million.

Boustead said the share purchase and land acquisition would be funded via bank borrowings and internally-generated funds, according to national news agency Bernama.

On the rationale, Boustead said the acquisition would present an opportunity for the group to expand its land bank.

“Moreover, the land was adjacent to 283.28ha of development land held under Jendela Hikmat Sdn Bhd, a company which the group and Lembaga Tabung Angkatan Tentera jointly holds 60 per cent equity interest,” it said.

Boustead said it was optimistic of the land’s prospect considering its strategic location.

“The demand for industrial land in this location has been on the uptrend with the completion of UMW’s latest storage and testing plant in Bukit Raja, Klang,” it said.

-themalaysianinsider.com