How an UMNO linked agency transferred 280ha land for bumi to......

Two Malay non-governmental organisations (NGOs) and 33 individuals have filed a suit against Yayasan Bumiputra Pulau Pinang (YBPP), an Umno-linked agency, after it allegedly transferred 280ha of land reserved for bumiputras to a development company with a non-Malay majority shareholder. The suit, filed at the High Court here today, claimed the YBPP had passed the three plots located around Bertam in Kepala Batas, to Bandar Kepala Batas Sdn Bhd (BKB).

It identified BKB as a joint-venture with YBPP having only 30% of the shares while Hunza Properties Bhd owned the remaining 70%. Citing breach of trust and/or breach of fiduciary responsibility, the suit was filed by Ikatan Kelab-Kelab Melayu Negri Pulau Pinang and Persatuan Melayu Pulau Pinang (Pemenang), together with Datuk Yussof Latiff and 32 other individuals. Yussof, who is the president of Pemenang, later told a press conference the plaintiffs were also concerned as the said plots of land were transferred to BKB on Nov 26, 2001 for only RM21,960,696.

"But a report by a commissioned valuer put the value of the land, according to open market prices on Nov 11, 2001, at RM137,435,000,” he said. "Because of this, YBPP has incurred financial losses of as much as RM115,474,303," he added.

The writ of summons named YBPP as a defendant along with Tenagas Sdn Bhd, Kumpulan Pinang Hartanah Sdn Bhd, Kumpulan Pinang Properties Sdn Bhd, BKB, Datuk Syed Mohamad Syed Murtaza and three other individuals The plaintiffs are asking for the joint-venture agreement YBPP subsidiaries Kumpulan Pinang Hartanah and Kumpulan Pinang Properties made with BKB, and the land transfer to BKB, be declared null and void. It is also seeking an injunction to prevent BKB from transferring or nullifying any portion of the land still registered under it.

Yussof said Hunza Properties Bhd was a public-listed company that was not controlled by Malays or bumiputras, and its shares were not majority owned by Malays. He said YBPP was formed in 1980 as a result of an economic convention by Umno that resolved to set up the organisation for the benefit of Malays in Penang.

"To achieve this, YBPP used funds allocated by the government, and through its subsidiary bought several plots of property in Kepala Batas, Penang." - Himanshu Bhatt

source:theSun

Remember how Rahman Maidin, the former MRCB chairperson, testified that he had paid RM40 million for the 100 percent stake in Realmild, only to discover from Dr Mahathir later that the shares belonged to UMNO.

Remember, how the former Chairman of Malaysia Airlines (MAS), Tajudin Ramli, plundered the national airline close to RM9 billion. He was merely the ‘government agent’ in the MAS scam. The MAS shares did not belong to him. They belonged to UMNO. He was merely UMNO’s ‘front man’.

Baca 'NGO Melayu tuntut batal perjanjian YBPP-Hunza' di sini.

Baca 'NGO Dakwa YBPP Seleweng Tanah' di sini.

Dasar penyamun tetap penyamun juga......



cheers.