GEORGE TOWN, March 5 — The Penang Malay Association (Pemenang) today accused Yayasan Bumiputra Pulau Pinang of breach of trust and land fraud amounting to over RM115 million.
After its failed civil suit against the foundation from several years ago, Pemenang president Tan Sri Mohd Yussof Latiff today resurrected the issue by lodging a police report detailing the accusations after doing so the Malaysian Anti-Corruption Commission two days ago.
“The foundation transferred properties to a company called Bandar Kepala Batas Sdn Bhd for only RM21.9 million in 2001 when a qualified surveyor had valued the properties at RM137.4 million at that time,” he alleged.
He claimed this meant the foundation suffered a loss of RM115.4 million in the transaction
Yussof, who is also Ikatan Kelab-kelab Melayu Negeri Pulau Pinang (Ikatan) president, said Pemenang had repeatedly and unsuccessfully tried to get explanations from the foundation over the transfer.
He said the foundation was formed in 1980 with the main purpose of elevating the economic situation of Malays in Penang and yet the properties were transferred to a company in which the main shareholder is not a Malay or Bumiputra-owned company.
The foundation holds 30 per cent of shares in BKB while the remaining 70 per cent are held by public listed developer, Hunza Properties Bhd.
Yussof said the foundation was also allocated funds by the federal government to purchase properties in Kepala Batas.
Pemenang, Ikatan and Yussof filed a suit against the foundation, its subsidiary companies and its board members in 2011 but the High Court rejected this by saying they had no legal standing to file the suit.
They appealed the decision all the way to the Federal Court but was ultimately unsuccessful.
“Now that we have failed in our attempt through the courts, we met with Penang Umno to ask that they apply for a judicial review of the suit as they have locus standi in the case,” he said.
He said the Penang Umno has legal standing because its chairman is a permanent board member in the foundation.
“We met with Penang Umno last year but they have yet to take any action so we decided to file a police report and a report with MACC first,” he said.
He hoped both the police and MACC will investigate his allegations of gross negligence and the serious violation against the foundation in the sale of the Kepala Batas properties.
Penang Umno chief Datuk Seri Zainal Abidin Osman could not be contacted for response.
