Is the Selangor Dato Vincent Tan challenging the Sultan of Selangor?

Vincent Tan's THE EDGE has reported concerning Vincent Tan and his Berjaya Land:

On the home front, BLand owns some strategic pieces of land, chiefly the Selangor Turf Club(STC) in Sungai Besi and huge plots in Taman TAR and Bukit Jalil. It also has a 48.76% stake in Berjaya Sports Toto that is valued at over RM3 billion.

(Cover Story: Berjaya on the mend,By M Shanmugam
8 October 2007,The Edge Malaysia (Weekly))


Berjaya Land were to take ownership of the STC land in land swap that would require BLand to build a race course in Bukit Tagar, Selangor.
The Sultan of Selangor is opposed to this plan.Subsequently the Selangor State Government has refused permission for the proposed racecourse.
Vincent and Berjaya Land claiming ownership pf the STC would appear to be in clear defiance of the Sultan's wishes.



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Some backgound on the matter as reported by Dowjones
Berjaya Land Bhd.'s (3395.KU) billion-ringgit development plan for Selangor is in jeopardy after the state's government rejected the relocation of a horse racing club to the central Malaysian state, sources familiar with the situation said Monday.

The relocation of the Selangor Turf Club to Bukit Tagar is central to efforts by Malaysia's Berjaya Land to generate better returns from 16,451 acres of land its Berjaya Group Bhd. (3395.KU) parent owns in the area 40 kilometers north of Kuala Lumpur.

The lack of good road links in Bukit Tagar and its distance from the capital mean that properties planned for the area are unlikely to sell well unless there are added attractions such as the turf club, analysts said.

A source familiar with the situation said the government move likely means the Berjaya Land-Selangor Turf Club agreement will be aborted.

"I don't know what they are going to do," he said, but added the decision will hurt Berjaya Land's plans. Berjaya Land is a diversified company involved in hotel and resorts management, property development and gaming.

A Berjaya spokeswoman declined to comment on the Selangor decision. Selangor Turf Club officials weren't immediately available for comment.

Selangor's senior executive committee councilor, Abdul Rahman Palil, Monday said the state rejected the relocation of the club to Bukit Tagar as it would encourage gaming. Gambling is taboo in Islam but legitimate gaming is tolerated and tightly regulated in Muslim-majority Malaysia.

"We reject the relocation of a place for gambling to the rural area," Rahman told Dow Jones Newswires. The state is also likely to turn down any proposal to move the club, now located in Kuala Lumpur, to any other Selangor location, Rahman added.

Despite its name, the turf club has always been within Kuala Lumpur's boundaries. The proposal in 2004 to move the club to Bukit Tagar was prompted by its need to expand equestrian and other facilities.

In early 2004, Berjaya Land said it had won a tender to relocate the turf club. The company, which is the parent of numbers-betting operator Berjaya Sports Toto Bhd. (1562.KU), said the deal would involve Berjaya Land paying MYR35 million in cash and building a horse racing circuit and other facilities on 750 areas of land to be given to the turf club.

In exchange, the club was to give Berjaya Land the 248-acre Kuala Lumpur site of the current horse racing circuit. Berjaya Group would transfer the 16,000 acres of land to 62.5%-owned Berjaya Land as part of the deal.

(Source: Malaysia State Move Likely To Scupper Berjaya Devt Plan,6 June 2005)


Comments

  1. jedirajDecember 12, 2007 at 6:56 PM

    Give it a rest lah !!! he won and you lost ... Period .The only way you gonna get him is storm into his office with an AK-47 blazing.

    ReplyDelete

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