Friday, October 8, 1999

Johor Govt has not paid Stamford Holdings anything

Business Times

NEITHER the Johor Government nor the Perbadanan Kemajuan Ekonomi Islam Johor (PKEINJ) has paid any sum to Stamford Holdings Sdn Bhd in respect of the land acquisition belonging to the company, Johor Government legal adviser Datuk Abdul Aziz Abdul Rahim and PKEINJ counsel Mr Roger Tan said yesterday.

They were clarifying a news report on the settlement reached between the State Government and Stamford Holdings Sdn Bhd on Wednesday.

It was reported that the High Court had ordered the Johor Government and four others - Tan Sri Muhyiddin Yassin (the Menteri Besar then), businessmen Syed Mokhtar Albukhary and Datuk Yahya Taib, and PKEINJ - to pay Stamford Holdings Sdn Bhd RM405 million as compensation for the acquisition of a 2,064-ha piece of land belonging to the company.

Stamford Holdings, a plantations company, through its director, Gan Tee Kian, filed the suit in the High Court on February 4, 1995, claiming that Muhyiddin, Syed Mokhtar and Yahya contravened the provision of the Land Acquisition Act in acquiring the piece of land through PKEINJ.

Abdul Aziz and Tan, in separate statements released in Kuala Lumpur yesterday, said the Johor Baru Land Administrator made an award sum of RM239.099 million over the said lands. "This amount was deposited with the High Court on December 28, 1995 and the interest accrued amounting to RM10.585 million was similarly deposited on March 15, 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, thereby the total acquisition costs amounted to RM313.351 million and the said differential sum of RM63.565 million was likewise deposited on November 12, 1996.

"This total sum of RM313.251 million was fully paid by Kelana Ventures Sdn Bhd.

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

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