News by TheEdgeMarkets.com

Currently, the group’s total undeveloped landbank stands at 191 hectares, which has a potential gross development value (GDV) of RM5.3 billion, to be developed within five to seven years.

Transport Minister Anthony Loke said the conditional approval was granted on July 16 following a detailed study of the application submitted by the Penang Economic Planning Unit for the project to be developed.

The suit by Deepak and Rajesh, who are directors of Carpet Raya, follows claims by them that Najib, Rosmah and Azeez had forced the Inland Revenue Board (IRB) to exert pressure on them to settle taxes accrued when Carpet Raya is said to be used as a proxy company for Najib and Rosmah in several land and business deals.

Lim said this in response to the opposition's move to refer him to the Parliament's Committee of Privileges for using the word "robbery" last year when describing the GST tax refunds.

Via subsidiary Sunway Construction Group Bhd, could emerge as one of the potential contenders for the ECRL project.

"The key is that certain people have used this money for other purposes, instead of its stipulated purposes."

"It is normal to give gifts to other leaders. Usually the government will bear the cost of the gifts (such as when the fourth prime minister gave a big gift to Zimbabwean President Robert Mugabe), but I had paid for the gifts using my own credit cards."

Worse, the government's attempt to revive the botched construction is again facing delays, as the contract was given to the same contractor that undertook the project originally. 

He added that it was impossible that the GST revenue was robbed or misappropriated as the placement of the tax revenue into a consolidated revenue account was above board and also practised by the Singapore government.

MAHB said the development is not expected to have any material impact on the earnings and net assets of the company, since it is subject to strict proof at the full trial of this case in November.