UPDATE2 Vowing to defend the Armed Forces pension fund, Opposition Leader Anwar Ibrahim's PKR party has demanded that the Najib administration come clean on a RM160million deal to buy back land belonging to the Ministry of Defence.
The PKR response follows news a day ago that a unit of the Armed Forces' pension fund (LTAT) had agreed to pay RM30 million to a controversial businessman Deepak Jaikishan and RM130 million to a firm controlled by Raja Ropiaah, the Selangor Umno Women's chief.
PKR strategic director Rafizi Ramli accused Prime Minister Najib Razak and Defense Minister Zahid Hamidi of "gross abuse of power", describing the latest transaction involving 223 hectares of Defense ministry land in Bukit Raja, Selangor as "outright bribery" and the "worst-ever case of bad investment I have seen".
"It is plain and simple that the RM30million to acquire 80% of Astacanggih (Deepak's firm) and the RM130 million paid (to Raja Ropiaah's firm) for almost non-existent land is clear abuse of power by Zahid Hamidi. I dare say that Najib had tasked Zahid to handle this whatever means necvessar," Rafizi, a UK-trained auditor, told a press conference on Saturday.
"You can ask any investment or research analysts and they will tell you this is not good investment practise. So why does the federal government enter into such a bad investment. One can only conclude this is meant to silence Deepak and to close the entire issue."
Protect pension fund of Armed Forces
Rafizi also slammed Najib for refusing to account to the public while quietly conspiring with Zahid to enter into "such a dubious" deal that would clearly place the Defense Ministry's pension fund in a disadvantaged position.
"The fact that behind the silence, such a transaction has been sewn up to silence Deepak indicates there must have been some truth in his accusations. Deepak's disclosures must have frightened Najib so much that he has got Boustead to enter into this deal," said Rafizi.
"It is very cheeky for the prime minister to instruct the Defense minister to do such a deal. In any other country, a public inquiry would have been called. PKR will do all it can to frustrate the deal as this involves the LTAT, the pension fund of the Defense ministry. It has become ridiculous. You have already lost RM250mil to one minister and now you are going to lose RM160 mil of pensioners' money to another minister."
Rafizi was referring to the RM250mil NFC cattle-breeding fiasco that the family of Umno Women's chief Shahrizat Jalil has been accused of being involved in.
RM160 million
Deepak, once a close friend of Najib's wife Rosmah Mansor, had in 2007 bought the land from Raja Ropiaah's firm Awan Megah for about RM120mil at RM12psf. But the deal has been "stuck" and the titles still not released to Astacanggih unit Cebur Megah.
This resulted in Deepak suing Ropiaah and Awan Megah for specific performance and "criminal intent", the Ministry of Defense, the land and mining office Pejabat Tanah dan Galian for not releasing the land titles to Cebur Megah. Deepak also accused Ropiaah of 'stealing' and on-selling one of the three parcels of land to GuppyUnip Sdn Bhd at RM16psf.
The case was heard at the Kuala Lumpur High Court late last month, with Deepak personally taking the stand. It was adjourned to December 14 but deferred pending a settlement that Deepak has since insisted was "forced" on him and his firm.
“It is true that my shareholders and me have sold our shares in Asta Canggih for RM30 million which is our actual cost price of RM13 million for Raja Ropiaah, RM8 million in political contributions, RM7 million of financial costs and RM2 million in legal and miscellaneous costs. “This was an ultimatum that was forced upon us,” Deepak said in a text message on Friday.
Their business bickering culminated in Deepak squealing on the 'dark hands' behind the deal. He accused Najib's family of accepting millions of ringgit for Najib's abusing his authority in approving the deal. Despite the damning allegations, Najib, who was then the Defense minister, has still not made any response despite mounting public disgust and pressure from his own political party.
Malaysia Chronicle
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