Friday, October 8, 1999

Johor Government, PKEINJ: No money paid to Stamford

New Straits Times

KUALA LUMPUR, Thurs. - The Johor Government and Perbadanan Kemajuan Ekonomi Islam Negeri Johor today clarified that neither of them had paid any money to Stamford Holdings Sdn Bhd over a land case.

They issued separate Press statements, pointing out that newspaper reports today were inaccurate in stating that the Johor Baru High Court had ordered them to pay RM405 million as compensation and settlement of the case.

The newspapers had reported that the High Court yesterday recorded a consent order between the Johor Government and four others, including Youth and Sports Minister Tan Sri Muhyiddin Yassin and Stamford Holdings.

It involved a case where the Johor Government had acquired 6,544 acres of land from Stamford Holdings for Kelana Ventures Sdn Bhd, a joint venture company of PKEINJ and Aras Terus Sdn Bhd.

Stamford Holdings had then sued the State Government, Muhyiddin, PKEINJ and two businessmen, Syed Mokhtar Albukhary and Datuk Yahya Talib, challenging the acquisition.

The Johor Baru High Court yesterday recorded a consent order on payment for the acquired land and the suit was dropped.

In a Press release today, Johor State Legal Adviser Datuk Abdul Aziz Abdul Rahim stated that the facts of the case are as follows:

"On 14 February 1995, the Johor Baru Land Administrator made an award sum of RM239,099,583.00 over the said Lands. This amount was deposited with the High Court on 28 December 1995 and interest accrued thereon amount to RM10,585,894.90 was similarly deposited on 14 March 1996. Subsequently, when Stamford Holdings Sdn Bhd challenged the Land Administrator's award, the said award sum was revised by the High Court by RM63,565,982.20 thereby the total acquisition costs amount to RM313,251,460.10 and the said differential sum of RM63,565,982.20 was likewise deposited on 12 November 1996. This total sum of RM313,251,460.10 was fully paid by Kelana Ventures Sdn Bhd.

"The additional payment of RM92,115,606.80 represents the additional amount mutually agreed between Stamford Holdings Sdn Bhd and Kelana Ventures as the fair value of the said Lands acquired under the Land Acquisition Act 1960."

In another Press statement, PKEINJ's lawyer Roger Tan Kor Mee also said neither the Johor Government nor PKEINJ had paid any sum to Stamford Holdings.

He said no compensation in any form was paid in respect of Stamford Holdings' suit as the company had agreed to drop the suit after the settlement was reached.

He also gave the facts of the case which are largely similar to that stated by Abdul Aziz.

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