by Ganesh Sahathevan
The NST reported of July 28 2023:
Berjaya Corporation Bhd founder and advisor Tan Sri Vincent Tan said Berjaya Land Bhd will construct affordable housing on prime land in Subang Jaya, Selangor, instead of luxury homes, in a drive to increase home ownership among Malaysia's low income group.
It is estimated that Berjaya Land will suffer an opportunity cost of RM50 million as a result of this development "We will not make money from this project. According to Berjaya Land CEO (Syed Ali Shahul Hameed), we will lose money. I told him it was okay, as our intention to develop BFAH is to help the B40 group and not to make money. It is very sad to see many Malaysians struggling to buy their first house. house
Vincent Tan is not even a director of Berjaya LAnd, and has no right at all to order the Berjaya Land CEO to do anything. Berjaya Land's board is led by forner Chief Justice Of Malaysia Tun Richard Malajum. Tan's attempt to interefere in Berjaya Land's management is not Malanjum's biggest problem.
Berjaya Land's books have for over a decade included the Sleangor Turf Club as if it were an asset of the company, on the strength of an option that has been rolled-over.
The matter of the option above has been before the courts for almost as long, including that period of time between 2018 and 2019 when Malanjum was Chief Justice.
EMD
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Berjaya Land wins judicial review, to proceed with construction of new Selangor Turf Club
10 Nov 2017, 10:40 pmUpdated - 01:58 am
KUALA LUMPUR (Nov 10): Berjaya Land Bhd has won a judicial review application against the Selangor government and the Selangor Town and Country Planning Department (JPBD), paving the way for the relocation of the Selangor Turf Club (STC ) to Bukit Tagar, Sungai Tinggi.
In a filing with Bursa Malaysia today, Berjaya Land said the High Court ruled in its favour yesterday after hearing the application on Sept 29.
Berjaya Land and two related companies — Berjaya Tagar Sdn Bhd and Berjaya City Sdn Bhd (BCity) — had initiated the legal action against the Selangor government, JPBD and six other state agencies in March 2016.
The court ruled that the cause of action does not involve the six other agencies, said Berjaya Land.
But in the case of the Selangor government and JPBD, it ruled that they had failed to re-table the execution of the BCity project, and had acted unreasonably when they failed to have regard to all relevant considerations and disregard all improper considerations to re-table the execution of the project.
The court ruled that the two parties' action had resulted in unfairness to Berjaya Land, Berjaya Tagar and BCity as it amounted to an abuse of power, said Berjaya Land.
The three companies are therefore allowed to continue with the development and construction of the turf club and equestrian centre.
The court also allowed for compensation to be paid to the three companies by the Selangor government and JPBD. The amount will be assessed in subsequent proceedings.
In 2004, Berjaya Tagar had entered into an agreement with STC for the acquisition of three parcels of leasehold land measuring a total of 245 acres in Sungai Besi for RM640 million, of which RM35 million will be paid in cash and the balance of RM605 million will be satisfied by a transfer to STC of 750 acres of land in Bukit Tagar with a newly built turf club.
Berjaya Tagar had proposed to acquire the Bukit Tagar land from BCity, a subsidiary company of Berjaya Corporation Bhd, and to appoint BCity as the turnkey contractor of the new turf club.
However, Berjaya Land had not received the necessary approvals due to a change in the Selangor state government after the 2008 general election.
In 2005, a senior executive committee councillor had reportedly said that Selangor rejected the relocation of the turf club to Bukit Tagar, as it would promote gaming in the state.
The Edge had reported in 2013 that the long delay is expected to cost Berjaya Land more to undertake the project — from the estimated RM605 million previously to RM1 billion.
Berjaya Land's share price closed down 0.5 sen or 1.1% today at 46 sen, for a market capitalisation of RM2.2 billion.
Turf Club members cry foul over RM640mil land sale
KINIBIZ Three Selangor Turf Club (STC) members have cried foul over the three resolutions proposed and passed at a recent extraordinary general meeting (EGM) of the club over the sale of the turf club land to a company related to tycoon Vincent Tan Chee Yioun for RM640 million.
In a second affidavit earlier this month, ordinary members Lee Tak Suan and two others (the plaintiffs) claimed that the three resolutions were not done in good faith and instead were intended to shore up the defence of the club chairperson and seven others in an ongoing court proceeding started in March this year.
The plaintiffs have previously claimed in the court proceedings that the defendants had acted in breach of trust by not causing the club to terminate its sale and purchase agreement (SPA) with Selat Makmur Sdn Bhd despite breaches of contract by Selat Makmur. Vincent Tan’s Berjaya Corporation holds a 64.04 percent stake in Berjaya Land, which wholly owns Selat Makmur, the purchaser in the SPA.
The court proceedings were initiated by Lee along with fellow ordinary members Cheam Tat Pang and Quay Ong Guan against club chairperson Richard Cham Hak Lim and committee members Dr Chan Lam Kong, Rick Loh Lap Sang, Tunku Shahabudin Tunku Besar Burhanuddin, Freddie Yow Tian Sak, Lai Kuai Weng, Mohd Zain Yahya and Lim Eng Ho. Additionally, Term Boon Kheng is also named as a defendant as STC’s public officer.
In July 2004, STC agreed to sell its 244.79 acres of land in Sungai Besi in exchange for RM640 million to Selat Makmur. The agreement requires Selat Makmur to fulfill set conditions within six months of the agreement with a potential three-month extension but Selat Makmur has yet to do so after nine years, which the plaintiffs claim breaches the contract.
Under the SPA, the turf club will only get RM35 million in cash while the remaining RM605 million will be in the form of a 750-acre piece of land near Bukit Tagar, Sungai Tinggi along with new turf club facilities built on the land. Therefore STC will relocate to the new land at Bukit Tagar upon completion of the new facilities should the sale go through.
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