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Monday, December 31, 2012

Veterans denied sight of Boustead documents



A band of ex-military men were not allowed to view Boustead Holdings Berhad’s documents detailing the firm’s ‘buy-out’ of a company owned by carpet trader Deepak Jaikishan, and land purchase from a company owned by Selangor Umno Wanita chief, Raja Ropiaah Raja Abdullah.

NONE“They argued that only direct shareholders would be allowed to do so,” related PKR director of strategy Rafizi Ramli who accompanied the delegation.

About 20 former military officers from Pakatan-linked NGOs representing former servicemen Pahlawan and Kerabat had gathered at Boustead’s headquarters in Jalan Raja Chulan Kuala Lumpur since 1pm today.

At about 2.30pm, they met with company officials and requested sight of the agreements and documents regarding the transactions.

The veterans who are contributors to the Lembaga Tabung Angkatan Tentera (LTAT) came in their capacity as members of the armed forces trust which owns a controlling stake in Boustead.

According to Rafizi, a minor stand-off occurred when the company officials insisted that LTAT and Boustead “have nothing to do with each other” and are two separate entities and refused to allow them access to the paperwork they requested.

Backdoor buy-in

The group left shortly after so as not to prolong the stand-off.

However, Rafizi said that he and the veterans are undaunted and shall return as shareholders and will again request to see the documents in question.

“I shall buy one share in Boustead, that will make me a minority shareholder. And I shall come again this Wednesday or Thursday,” vowed Rafizi.

As per securities regulations, all public-listed entities are required to disclose their dealings to the KL Bursa and the public, as well as disclose relevant details to shareholders.

He also plans to call the Minority Shareholders Watchdog Group to monitor the Boustead deal which he believes is detrimental to minority shareholders.

Rafizi and representatives of the ex-servicemen NGOs held a press conference at PKR headquarters earlier, asking for their comrades on the Boustead board to stop the deals if they are detrimental to LTAT, military personnel and veterans who are contributors.
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