Another controversial land deal

By Anil Netto,

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 tunglang 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.