Boustead, unit deny claims in businessman Deepak’s lawsuit

PETALING JAYA: Boustead Holdings Bhd 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 businessman Deepak Jaikishan, have denied allegations made in the suit, calling them “baseless, frivolous, vexatious and unjustifiable”.

In a filing with Bursa Malaysia today, 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 directors of both Boustead and Bakti Wira believe that the plaintiff’s claims are untenable and are therefore positive that the companies will prevail in this litigation,” Boustead told Bursa Malaysia.

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

Boustead is the third defendant and Bakti Wira the fourth defendant in the suit, which was filed in the Court on Oct 12.
In the writ of summons, Deepak is alleging tort of conspiracy, conspiracy to defraud, tort of conversion and/or undue influence by the defendants in some past acquisitions of shares and land.

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.

Boustead and Bakti Wira have 14 days from the date of receipt of the writ of summons to enter their appearance in the suit. The matter has been fixed for case management on Nov 14, 2018.

On Bursa Malaysia today, Boustead ended 1 sen or 0.6% lower at RM1.71 on 12,600 shares done.

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