Controversial businessman Deepak Jaikishan and Umno Petaling Jaya Utara division head Datuk Ikhwan Salim were behind the Bangunan Angkasaraya deal which has gone sour for UEM Sunrise Bhd, according to documents filed with the Companies Commission Malaysia (SSM).
Construction work on the site, which was slated for the proposed RM1.3 billion Aurora Tower development, was to have started in the first quarter of 2012 after the existing building was demolished in August 2011.
A visit by SunBiz to the site yesterday found no equipment situated at it. A lone man was standing guard at what looked like a guard post in the deserted compound.
UEM Sunrise, the product of a merger between UEM Land Bhd and Sunrise Bhd, is being sued by Bank Kerjasama Rakyat Malaysia Bhd's subsidiary Rakyat Holdings Sdn Bhd, for recovery of the property which was acquired by Sunrise, before the merger, in 2008.
The group said in an announcement dated April 16, 2013 that Rakyat Holdings alleges breach of an agreement dated Jan 14, 2008 between Rakyat Holdings and UEM Sunrise's subsidiary Aurora Tower At KLCC Sdn Bhd (previously known as Tanah Tuah Development Sdn Bhd), for the sale of Angkasaraya.
The land deal was the highest executed for the Kuala Lumpur City Centre area at the time, valuing the land at RM2,588 per sq ft.
UEM Sunrise's claim on the land was through the acquisition of Tanah Tuah, which was then reportedly the owner of the property.
Tanah Tuah was to have signed a RM152 million deal in January 2008 with the original owners of the property, not named, in filings with Bursa Malaysia Bhd.
In May 2008, Sunrise said it was buying the entire stake in Tanah Tuah for RM57.4 million in total (inclusive of a RM30.4 million loan) from two companies, Reliance Pillar Sdn Bhd and Lembaran Segimaju Sdn Bhd.
A check with SSM found that Deepak, a businessman linked to a few controversial land deals, is listed as one of the shareholders of the company.
Reliance Pillar, a company Ikhwan is a majority shareholder in, was incorporated just days before the deal between Tanah Tuah and the original owner of the Angkasaraya property was signed.
Reliance Pillar and Lembaran Segimaju itself had just become shareholders in Tanah Tuah when the two companies agreed to sell their stake in Tanah Tuah to Sunrise.
It has since been unearthed that the original owner of the property was Rakyat Holdings (formerly known as Angkasaraya Development Sdn Bhd), which built the property – the most modern building in Kuala Lumpur at the time – in 1974 at a cost of RM20 million.
- theSundaily
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