Company sold for RM50,000 - The Star

May 27, 2008

Brisdale Holdings Berhad, a subsidiary of state-owned company Kumpula Hartanah Sdn Bhd has been sold for just RM50,000 and this this was enough for the Selangor state government to conduct an investigation.

In a research carried out by assemblyman Hannah Yeoh (Pakatan - Subang Jaya), Brisdale Holdings Berhad was sold to GMB Construction Sdn Bhd in a sales agreement that was concluded on August 10, 2007.

Yeoh said the sale was a public knowledge as it was announced at the Kuala Lumpur Stock Exchange (KLSE) and was also published in Kumpulan Hartanah's 2006 report.

Usually the shareholders agreement is needed for a sale like this... HANNAH YEOH

“Kumpulan Hartanah had sold its subsidiary Brisdale through SAP Holdings Berhad (which is also part of Kumpulan Hartanah) to GMB Construction,” said Yeoh.

“Usually the shareholders' agreement is needed for a sale like this, but because the company was sold for less than RM250,000, no such agreement was needed.”

Under Brisdale Holdings, it has 12 subsidiary companies, and had previously owned plenty of land and properties.

Yeoh said she was surprised to see that one of the properties previously under Brisdale is the Kelab OUG clubhouse, which is worth RM7mil.

“With one clubhouse already worth RM7mil, how can you justify for the entire company, land, and properties to be sold for only RM50,000?” she asked.

Yeoh said she hoped the state government would investigate into investments and sales of such state assets.

Due to the change in ownership, as GMB Construction is now the new owner of Brisdale and its subsequent land and properties, Yeoh said people who have bought the respective properties are now victims.

“Purchasers who have been dealing with Brisdale all this while would not know whom to approach,” she said.

Assemblyman Lau Weng San (Pakatan - Kampung Tunku) concurred with Yeoh, and showed evidence from the Kumpulan Hartanah of names of several BN assemblymen who sat on the board of directors for Kumpulan Hartanah.

He added that besides the importance of exposing such a case, the state government might have to look at contractual provisions on how to recover some of the losses.