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Of Crooks, Rogues and Plunderers…another of BN’s project!

December 29, 2012

I was ‘forced to sell off my company’, says Deepak

(Mkini) 5:11PM Dec 28, 2012

land deal diagram deepak

Businessperson Deepak Jaikishan today admitted that he has sold his estranged company Astacanggih Sdn Bhd for RM30 million to a Defence Ministry agency, claiming that he was forced into the deal.

NONEHe said the deal was only to cover the money he had spent in a land deal with Awan Megah (M) Sdn Bhd that turned sour, and had grudgingly gone through with it despite being denied the lands promised to him.
“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,” he said in a text message today, but did not mention names.

The statement today comes after Boustead Holding Bhd, the investment vehicle of Lembaga Tabung Angkatan Tentera (LTAT), an agency under the Defence Ministry, announced on Bursa Malaysia that it will be acquiring an 80 percent stake in Astacanggih Sdn Bhd, which was owned by Deepak.

Abrupt move to withdraw lawsuit

Boustead Holdings Bhd, which purchased the stake through its wholly-owned subsidiary Bakti Wira Development Sdn Bhd, said it will also acquire 80.94 hectares of freehold land in Klang from Awan Megah (M) Sdn Bhd for RM130 million.

This coincided with Deepak’s abrupt move to withdraw his lawsuit against Selangor Umno Wanita chief Raja Ropiaah Abdullah and her company Awan Megah (M) Sdn Bhd, yesterday for the same piece of land.
“The irony is that Raja Ropiaah who ‘stole’ the land from us was paid RM130 million, guess that is real power, isn’t it?” he said.

Raja Ropiaah’s company has reportedly denied it.
Awan Megah (M) Sdn Bhd was tasked by the government to construct the National Defence Research Centre (Puspahanas) in Putrajaya for which the Defence Ministry would pay the company RM27 million and 223 acres or 90.24ha of land in Klang worth RM72.5 million.
However, after they were unable to obtain a land bond for the building’s construction, the company had engaged Deepak’s Astacanggih Sdn Bhd for help.
Deepak had claimed that in this deal, his company Astacanggih Sdn Bhd would issue a RM72.5 million land bond on behalf of Awan Megah (M) Sdn Bhd.
It will also give Awan Megah (M) Sdn Bhd an additional RM23 million, RM13 million of which was already paid, in exchange for 200 acres or 80.94ha of the land which the latter will receive from the Defence Ministry. Awan Megah (M) Sdn Bhd will keep the remaining 23 acres or 9.3ha of the land.
However, the deal became sour after Deepak claimed that the latter had not upheld her end of the deal.

‘Mindef buying up own land’

As LTAT is a unit under the Defence Ministry (Mindef), Deepak pointed out that the latest deal meant that the Defence Ministry was effectively buying back its own land which it gave to Raja Ropiaah at an inflated rate.
NONE“LTAT, ironically, bought their own land which they had given to Raja Ropiaah (for Puspahanas) for RM72.5 million at RM130 million, giving Raja Ropiaah a profit of RM57.5 million plus RM13 million from us… and remaining 23 acres worth RM40 million (which it still has).
“The losers are the Defence Ministry and army officers who get cheated by Umno and cheated again by having to buy back the military land at double the price they gave it away for.
“Looks like Defence Minister Zahid Hamidi (above) has become Santa Claus,” he said.

 

 

 

Winners and losers

Raja Ropiaah/Awam Megah

Gains:

1. RM27 million from Defence Ministry in privatisation agreement.

2. RM13 million from Deepak in bank bond deal.

3. RM130 million from Boustead to buy the 200-acre land.

Question:
1. Has the RM100 million National Defence Study Centre being constructed and handed over to government according to the privatisation agreement?

Deepak/Astacanggih

Gains:

1. RM30 million from Boustead for 80% of Astacanggih share.

Lost:

1. RM13 million deposit payment to Roppiah in bank bond deal.

2. Cost to secure the land bond – unknown.

Defence Ministry/LTAT

Lost:

1. RM30 million to Deepak for 80% of Astacanggih share.

2. RM130 million to Roppiah for the 200-acre land. The land worth RM72.5 million when it was alienated to Roppiah in the privatisation agreement.

From surface value, the Defence Ministry or LTAT could suffered as much as RM87.5 million – RM30 million for Astacanggih share and RM57.5 million lost in land transaction.

Read: Najib approved land deal, Deepak tells court

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7 Comments leave one →
  1. tan tanjong bungah permalink
    December 29, 2012 2:25 am

    Hi everyone,

    The Defence Ministry gifted Raja Ropiaah, an UMNO Baru wanita leader, at a price of RM72.5 millions and now LTAT has bought it back for RM130 millions. So, army officers and personnel, through LTAT, is giving away RM57.5 millions to Raja Ropiaah!

    What a way to benefit an UMNO Baru leader at the expense of the rank and file of the army!! Army officers and personnel cannot and must not remain SILENT, but to ask the Defence Minister why he is doing this, making the army loses money and helping to cover-up the disclosures of Deepak of PM Najis’ involvement in the Altantunya case??!!

  2. Peacemaker permalink
    December 29, 2012 3:08 am

    Deepak is like Altantuya, haunting back Najib, after he didn’t get back his deal commission.

  3. Robert Wong permalink
    December 29, 2012 3:28 am

    The leaders in UMNO/BN are really cashing out. They started out with the nation’s treasury by selling off valuable assets via so-called privatisation projects. Potentially valuable assets with unrealised values, which lenders may deemed as less “bankable”, are bundled with government guarantees or contingent liabilities and then given out to cronies as negotiated contracts. Suddenly, they discovered the treasury is almost empty, they raided PNB, ASN, EPF in the name of overseas investments, in equities and properties (hopefully, not at inflated prices with kickbacks). Now, they are openly “robbing” entities which were set up to take care of Malays who have contributed to nation building such as FELDA in rural poverty resettlement schemes, LTAT, the co-operative for armed forces (mostly for members of the Malay Regiments) personnel. The course of action taken looks like a scorch earth policy, which indicates that these UMNO/BN leaders are preparing to exit government and country.
    Is the IGP or MACC ready to act without again relying on their famous sayings, “no report has been made” or “insufficient evidence to open investigation”? Be a Malaysian police officer, enough is enough!

    • Dr. Dzul permalink*
      December 29, 2012 12:12 pm

      Hi Robert Wong, while the illicit outflow of enormous fund as reported by GFI has been flatly denied by the BNM, the plundering of the nation wealth couldnt however be simply brushed aside. Both are equally baffling but continue unabated.
      I couldnt but agree to ur notion of Umno-BN leaders are ‘cashing out’ much as i dislike conspiratorial theories but it’s fast turning to be a self-fulfilling prophecy…sigh.
      Yes enuf is enuf of these nonsense!

  4. Sabah Arise! permalink
    December 29, 2012 4:44 am

    dulu, sekarang dan selama lama lama lamanya…….DUIT !

  5. Black Arrow permalink
    December 29, 2012 7:47 am

    Robert Wong’s comment above is spot on. They are doing full-scale scorched-earth strategy now.

  6. joe black permalink
    December 29, 2012 9:28 am

    Looks Like the UMNO ruling class are still in denial over the rakyat’s ability to see through any ruse or tactics in siphoning out money from dubious deals!

    Daylight Robbery seems to be the name of the game election or no elections!

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