Rafizi said there will be a new bond, which is RM87 million, even higher than before. – File picPETALING JAYA, March 14 — Pension fund Lembaga Tabung Angkatan Tentera (LTAT) will now be paying the performance bond for the stalled Puspahanas project, PKR’s Rafizi Ramli said today.
The RM87 million bond will be paid by Bakti Wira Sdn Bhd, a subsidiary of LTAT’s unit Boustead Holding Bhd, as detailed in the share and land sale agreement documents inspected by the PKR strategic director last month.
The bond for the National Defence Education Centre (Puspahanas) was initially provided by controversial businessman Deepak Jaikishan, before he was kicked out of the deal.
“There will be a new bond, which is RM87 million, even higher than before,” Rafizi told a press conference here.
“This is to cover the original project cost of RM72 million, plus the additional contract that was given after that, RM15 million.”
Awan Megah Sdn Bhd, owned by Selangor Wanita Umno leader Senator Raja Datuk Ropiaah Abdullah was awarded the contract for Puspahanas in 2005 in exchange for some 80 hectares of land in Bukit Raja, Selangor and RM27 million.
Deepak’s firm Astancanggih Sdn Bhd agreed to provide the RM72.5 million performance bond agreed to between the developer and the ministry during the privatisation deal.
The performance bond is valued as a company’s total financial commitment to a project, subject to the developer completing the project before the bond expires.
The bond had already expired on February 3, 2011.
However, Boustead announced last year a plan to buy an 80 per cent stake in Astacanggih for RM30 million, as well as a RM130 million piece of land from Awan Megah, effectively shutting Deepak out of the deal.
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