In a filings with Bursa Malaysia yesterday, Ho Hup said the High Court had found that the company's previous board of directors had acted in breach of their duties to Ho Hup by committing Bukit Jalil Development to the JDA, and that Pioneer Haven had knowingly assisted in those breaches. Ho Hup entered into the JDA (via Bukit Jalil Development) with Pioneer Haven on March 16 last year, when Ho Hup was still under the management of former deputy chairman Datuk Vincent Lye.
THE CORRIDORS OF POWER
Raja Petra Kamarudin
Only 40% of what Malaysia Today writes is true, said Mukhriz Mahathir, the future Deputy Prime Minister of Malaysia when Muhyiddin Yassin goes up to become Prime Minister -- if they can successfully oust Najib Tun Razak.
Yes, that’s right, there is a move to oust Najib. And there are hidden hands in Umno who are trying to force Najib’s hand to call for the next general election on 11 November 2011.
That’s 11-11-11, a very auspicious date indeed.
But the intelligence agencies do not agree. They are trying to convince Najib that if he calls for the general election this year rather than 2012 or 2013, then Barisan Nasional will suffer what it did in March 2008 and Najib would suffer what Abdullah Ahmad Badawi suffered soon after that -- he would be ousted from office.
But then it is not up to Najib. It is not even up to Malaysia’s intelligence agencies. It is up to Rosmah Mansor. And she would like to stretch her term -- yes, that’s right, her term -- a little longer in case they fall flat on their face and have to leave office.
An ex-Prime Minister’s wife would not be able to receive loads of Birkin bags as presents from Vincent Tan at USD120,000 a piece. And she does not have all the colours yet.
Ask Tun Dr Mahathir Mohamad. He can tell you how shabbily he is being treated as an ex-Prime Minister by people who control Berjaya, YTL, Ho Hup, etc.
At one time these people were grovelling at Mahathir’s feet. Now they won’t give him the time of day. Such is the fate of ex-Prime Ministers and Rosmah is not about to suffer that same fate.
The 3M team of Mahathir, Muhyiddin and Mukhriz can only kick out Najib -- like what happened to Abdullah Badawi -- if Barisan Nasional performs badly in the general election. But if there is no general election then there is no excuse to kick Najib out.
That is the bottom line.
Anyway, back to the 40% true and 60% lies that Mukhriz said about Malaysia Today. Let us recap on some of the ‘lies’ we have spun thus far involving the Attorney-General, Tan Sri Abdul Gani Patail.
When you are a friend of Gani Patail, you can buy yourself immunity from prosecution. That is why Tan Sri Tajuddin Ramli, former Chairman of Malaysia Airlines (MAS), is a free man despite having caused MAS to suffer losses to the tune of billions of ringgit.
The national carrier almost went bankrupt if not for a government bailout. However, instead of charging Tajudin, Gani Patail charged the Police CCID Director, Dato’ Ramli Yusuff, who had recommended that Tajuddin and his associates be prosecuted.
When Malaysia Today revealed that Tajudin’s proxy, Shahidan Shafie -- the ex-police inspector who was charged for bribery when he was OC Secret Societies in Johor Bharu -- is a close friend of Gani Patail, and that they went to Mecca together, the MACC quickly cleared the AG.
And do you want to know why?
This is because the usual ‘you scratch my back, I scratch your back’ deal has been struck between the MACC and the AG who will now make the Police tailor its investigations to show that Ahmad Sarbani had committed suicide.
That will be the evidence presented to the Coroner at the Inquest to ensure a finding that the cause of death was suicide.
Tabung Haji’s documents show that Shahidan went to perform the Haj as Gani Patail’s family
When Malaysia Today exposed that Gani Patail dabbled not only in national politics but also in corporate politics -- to tilt the balance of power in a corporate tussle involving Ho Hup Bhd -- Gani Patail went to Ho Hup’s office as a show of support for his friend, Datuk Vincent Lye, who was having a shareholders’ fight with Datuk Low Tuck Choy, better known as Dato’ TC Low.
AG Gani Patail with Vincent Lye at Ho Hup’s office
Dato’ TC had alleged that Gani Patail’s friend, Vincent Lye, tried to fleece Ho Hup Bhd by defrauding the company to enter into a lopsided and disadvantageous contract with Malton Bhd.
Vincent Lye had signed a deal to surrender Ho Hup’s 60-acre freehold land in Bukit Jalil worth RM4.2 billion to Malton. After signing that contract, Vincent Lye was sacked by the company’s shareholders in an EGM.
However, instead of charging Vincent Lye for fraud, and to tilt thing things in Vincent Lye’s favour, Gani Patail charged Dato’ TC Low -- for a very minor technical offence -- in order to disqualify him from being a director in the company.
Yesterday, the High Court confirmed that what Vincent Lye did was wrong and declared that the contract entered into by Vincent Lye was null and void.
So there you are. Which 60% of this story is a lie?
Anyway, read The Star news report below:
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Ho Hup wins suit, court declares deal null and void, firm can revampThe Star, Wednesday, June 8, 2011
PETALING JAYA: After more than a year of litigation, the Kuala Lumpur High Court has finally ruled in favour of Ho Hup Construction Co Bhd by declaring null and void a joint development agreement (JDA) between the latter's 70%-owned subsidiary, Bukit Jalil Development Sdn Bhd, and Pioneer Haven Sdn Bhd, a wholly-owned unit of Malton Bhd.
The finalisation of the court decision would enable Ho Hup to proceed with its financial regularisation plan, which had been delayed pending the outcome of the suit.
Ho Hup had been working to regularise its financial condition since being listed as a Practice Note 17 (PN17) company in July 2008.
“With the JDA reversed, the full development rights of the valuable, prime piece of land would revert back to our subsidiary Bukit Jalil Development,” Ho Hup executive director Derek Wong said in a statement yesterday.
“This means we can fully leverage on this prized asset to restructure the company's debts and regularise our operations and financial condition,” he said, adding that the company would now focus on finalising details of its PN17 regularisation plan and submission to the authorities.
Ho Hup made a requisite announcement of its PN17 regularisation plan in early March 2011 involving the restructuring scheme for creditors for the company as well as that for Bukit Jalil Development. Ho Hup and Bukit Jalil Development reportedly had outstanding debts worth RM329.2mil in the form of secured and unsecured loans as to date.
In a filings with Bursa Malaysia yesterday, Ho Hup said the High Court had found that the company's previous board of directors had acted in breach of their duties to Ho Hup by committing Bukit Jalil Development to the JDA, and that Pioneer Haven had knowingly assisted in those breaches.
“Significantly, the High Court found that the JDA, was in substance, a disposal of Bukit Jalil Development's 60-acre land bank, and as such, required the approval of shareholders under section 132C of the Companies Act."
“As no such approval was obtained, the joint development agreement and other associated instruments were null and void for contravening the law,” it said, adding that the High Court had ordered the private caveat lodged by Pioneer Haven be expunged."
Ho Hup entered into the JDA (via Bukit Jalil Development) with Pioneer Haven on March 16 last year, when Ho Hup was still under the management of former deputy chairman Datuk Vincent Lye.
The deal was supposed to see the partners jointly develop the freehold land in Bukit Jalil into a mixed commercial and residential project.
Substantial shareholder Datuk Low Tuck Choy, who was also a former managing director of Ho Hup, as well as several other shareholders, had objected to the deal, claiming that their approval was not sought.
Shareholders who objected the deal also believed that it would be more profitable to Ho Hup if the company had opted to sell or develop the land on its own.
Now that the JDA has been declared null and void, Ho Hup indeed would have the option to develop Bukit Jalil on its own.
According to Wong, the masterplan to develop the Bukit Jalil site into a mixed commercial and residential project had been conditionally approved by City Hall.
“The land is within a prime location and will be developed in six phases over 10 years with an estimated gross development value of RM4.2bil,” he said in the statement.
“We are looking at a sales launch, possibly in the fourth quarter.”
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