Boustead Holdings down 1.75% on Deepak’s lawsuit

PETALING JAYA: Boustead Holdings Bhd’s share price fell as much as much as 1.75% to RM1.68 this morning after denying allegations made in the lawsuit against it by businessman Deepak Jaikishan.

At 11.02am the stock was trading at RM1.69 with 23,000 shares done.

The group and its wholly-owned subsidiary Bakti Wira Development Sdn Bhd, who are being sued alongside former prime minister Datuk Seri Najib Razak and his wife Datin Seri Rosmah Mansor by Deepak, have denied allegations made in the suit, calling them “baseless, frivolous, vexatious and unjustifiable”.

In a filing with Bursa Malaysia yesterday, the group said it has at all times observed good corporate governance and ethical business practices in the companies’ dealings and given due commercial considerations before entering into the transactions mentioned in the statement of claims.

The board also said the plaintiff’s claims are untenable and are therefore positive that the companies will prevail in this litigation.

Deepak is suing for damages of more than RM676 million over alleged conspiracy in land transactions.

He is also claiming for the return of the shares in a company Astacanggih Sdn Bhd, which was acquired by Boustead and Bakti Wira; declaration that certain past transactions are null and void; and declaration of his rights over certain land.

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