Another case of land being transferred at what seems to be an undervalued price.
This legal suit regarding a land deal was reported in theSun.
The YBPP was set up to improve the economic lot of the Malays in Penang, but read below to find out what’s happened. Thanks to blog reader Tan, Tanjung Bunga for the alert.
Suit against agency over transfer of land
By: Himanshu Bhatt (Tue, 07 Sep 2010)newsdesk@thesundaily.com
GEORGE TOWN (Sept 7, 2010): 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 beach 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.
Citing beach 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. Full story in theSun.
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(Does) YBPP also siit sub sub sub con under UEM Penang second link(?)….(Is) this is how UMNO Penang division heads get rich(?)
In one mega project, there is always a few phantom companies in between the main-con and sub-con.
Ahyoooo have been going on 30years already lah
That KTK may be useless but at least he has a durian species name after him. The “Boh-hood” seedless… type.
Gerakan K…as usual you have gone off line to another issue!
….The standard of judges in our courts are so low…
They are products of the divide and rule policies of the UMNO led govt….
…for the Rakyat,Nizar is STILL the MB while the Pangkor Man was appointed by the 5…
Its the same for Najib and Muhyiddin…
They were NOT elected by the Rakyat…just by some bunch of BTN Educated Delegates!!!!!
Wow !!!
Don’t be so excited about that because that is only one sided story. A claim from one party over another.
You have to listen to the other side of story before concluding anything sensible. Further more the court also not yet decided anything.
Nizar also had claimed that he was the legitimate MB of Perak. But the end of the day, the real MB is Zambry.
Kesian Nizar !!! Kesian !!!
Gerakan K,
The MB Zambry got was (taken away) from Nizar. That is a fact that nobody can deny even Najib and UMNO
Huh! “You cannot blame Koh Tsu Koon anymore.” You got to be kidding. He will still be blamed for several generations. In Chinese history, a bad emperor is on record for even two thousand years. SO why not with this dumb…
Erm, I think SamG was being sarcastic.
SamG,
Well well, UMNO and their cronies Gerakan, MCA or MIC would just love to hear you say that, After makaning million into their pockets and then say sorry, it absolved themselves of all guilt and wrong doing. No wonder with people like you, Malaysia is going down the drain and becoming a banana country.
Good move! Penang state government should take note on this development. The state government should reject any proposal to develop the land. Never give chance to any unscrupulous developer who is out to take advantage of the people.
Someone once said that KTK was the greatest tragedy to befall Penang in the last 20 years.
How true !!!!
As always this is what UMNO will do with the help of the weakling cronies like Gerakan and KTK
We cannot blame Koh Tsu Khoon anymore. If you recall, in the last week, KTK had said Sorry (On Say Sorry Day) to the people of Penang and Malaysia for all the mess he had created, for not doing anything for us.
By Gerakan definition, he has now been absolved of all the Mess.
It is all PR Penang Govt’s fault even though it happened in 2001 & because they can’t do anything about it now. (highly expected comments from Toyol and Per****)
Hi everyone, The mainstream papers are so deafeningly silent on two current issues, the Realmild court case between Dtk Khalid Ahmad (I believe he was a former Pg State Exco and once the Secretary of UMNO Pg) who is suing a former chairman of Pg Malay Chambers of Commerce (Abdul Rahman Maidin?) and the controversial land issue of YBPP. In the former case, an UMNO MP testified that it is not uncommon, i.e. it’s common, for Malay captains in the corporate world to hold shares on behalf of UMNO leaders/ministers and UMNO-linked companies. In the latter case, YBPP supposedly to… Read more »
Gerakan K…where are you???
There are many many more of these types of UMNO link companies sucking the rakyat’s blood with the assistance of Gerakan’s Koh…
Penang will be PR ‘s for a another decade !!
Umno led BN can dream on and on…………..
It probably gives you an indication of how 52billion worth of shares allocated to assist the poor Malays in Malaysia had been siphoned off by those connected. It is a real shame to the Gerakan led Government, to allow such scandals to happen during their reign. Even, if UMNO was then their political master, Koh Tsu Khoon should never have allowed this matter to happen. He as the Chief Minister had failed the Malays miserably. Gerakan as a party certainly cannot be trusted to look after the interests of the Rakyat! Just look at how pathetic and forlorn a figure… Read more »
Bakar, Ali, Ibrahim, Rohayati, Khairel, Anita, Salleh, Sharifah, dan lain-lain.
Hope this is not too discouraging an article about a ‘loss’ that actually should not have happened to the detriment of you Malay folks. The supposed RM115.5 millions gone should be in your wealth assets for you and your future generations to come. Sayang-lah.
Anyway not to dampen your Raya mood,
wishing all Malays and Muslims: Selamat Hari Raya AidiFitri
Hi everyone,
YBPP, an UMNO-linked agency, was established in 1980 supposedly to help the Malays in Penang. But, this cheap sale and transfer of land for a mere RM22 millions, when its market price then is allegedly valued at RM137.5 millions, would NOT be beneficial and in any way help the Malays in Penang!!
Have the Malays being ‘robbed’ of about RM115.5 millions to enrich the coffers of UMNO-connected individuals and their cronies?
Moreover, how much had YBPP paid for the 280 hectares land and from whom did they buy the land?
YBPP is an Ahem No entity.