Rafizi: Zahid Hamidi Accused of Using Money from the Armed Forces Fund Board to Shut Deepak’s Mouth


PETALING JAYA, 29 Dec: PKR Strategic Director, Rafizi Ramli claimed that the use of money from the Armed Forces Fund Board (LTAT) worth RM160 million was done solely to shut the mouth of carpet businessman, Deepak Jaikishen, in relation to his disclosure that the Prime Minister, Datuk Seri Najib Razak was involved in P Balasubramaniam’s Second Statutory Declaration.

He said that there was a sudden transaction involving RM30 million to buy 80 percent of shares by Astacanggih and RM130 million to buy a 200 acres from Awan Megah Sdn Bhd is an abuse of power by the Defence Minister, Datuk Seri Zahid Hamidi and Najib Razak.

“This transaction was fully financed by Bakti Wira Development Sdn Bhd, a property investment company wholly owned by Bousted Holdings Bhd, owned by LTAT,” he said at a press conference at the PKR headquarters today.

Doubts arose seeing that this transaction did not meet good investment guidelines because based on a review by the Companies Commission of Malaysia (SSM), Astacanggih is a company that has never filed a financial statement and has a paid up capital of RM20 million.

According to SSM reports, this company is also burdened with a debt of RM98 million from the Kuwait Finance House.

He explained that Zahid Hamidi should be careful in ensuring good investments are made by Wira Bakti Development Sdn Bhd as it involves the interests of the armed forces, seeing that the capital and activities of Boustead Holdings Berhad relies heavily on contributions from their pay cuts which are being channelled through LTAT.

“Valuation of RM30 million for 80 percent of Astacanggih’s issued shares has no basis. Bousted Holdings Berhad’s statement that the value of RM30 million was reach from the agreement between the buyer and seller that proves that the transaction was made based on political considerations and not commercial investment.

“The payment of RM130 million for 200 acres of land where its status is still pending transfer to Awan Megah Sdn Bhd means that Zahid Hamidi took the RM130 million from the armed forces’ contributions to pay to a company owned by Umno leaders without any exchange of assets pending transfer, as well as not using independent valuation,” he said.

However, Boustead Holdings Berhad’s official announcement to Brusa Malaysia gave the excuse that the purchase of land is in accordance with the existing land banks owned by Boustead’s subsidiary company, Jendela Nikmat Sdn Bhd at Bukit Raja, Klang.

“Examination of records show that the 236 hectares of land transferred to Jendela Hikmat Sdn Bhd is valued at RM230 million at the end of 2005.

“This means that the surrounding land already owned by Boustead Holdings are valued around RM390,000 per acre compared to recent transactions involving Awan Megah paying RM650,000 per acre for land whose status has not been transferred,” he said.

In relation to that, Rafizi will review all payments made by Deepak to certain parties that are connected to Najib Razak as the allegation still has no credibility and validity.

Datuk Seri Zahid Hamidi on 30 November 2012 announced to the media that he will answer all Deepak’s allegations against Najib Razak at the Umno General Assembly, however he failed to do so the next day.

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