SHAH ALAM, Mar: The Selangor State Development Corporation (PKNS) will continue internal investigation on its subsidiary company, PKNS Holdings Sdn Bhd, without any compromise whatsoever involving a former member of the board of directors.
The PKNS Acting General Manager, Azlan Md Alifiah, said that the PKNS Internal Audit Department has been ordered to carry out a detailed investigation regarding the PK Sentral Development (PJ Sentral) project.
He said that PKNS will also obtain information and documents form the PKNS Holdings Board of Directors representing PNS at the time; Mohamed Azmin Ali and Datin Paduka Norazlina Zakaria.
“We need information, among others, to strengthen the PKNS appeal case at the Court of Appeal to set aside the recent decision by the Kuala Lumpur High Court.
“PKNS will also file an injunction to stop Nusa Gapurna from completing the sales transaction for PJ Sentral to MRCB while waiting for the appeal,” he said in a press statement yesterday.
Last week, the Kuala Lumpur High COurt dismissed PKNS’s claim against Nusa Gapurna Development Sdn Bhd and Malaysian Resources Corp Sdn Bhd (MRCB) for breach of shareholders’ agreement on the holding in PJ Sentral.
The PJ Sentral project involves commercial development at an area of 9,854 acres that houses the PKNS headquarters.
On 6 September 2007, PKNS sold 8.05 acres to Bisraya Pembinaan Sdn Bhd and the funds were used to finance the development of the new PKNS Headquarters on the remaining land.
The PKNS subsidiary company, PKNS Holdings (PHSB), then worked together with Nusa Gapurna and formed a company to develop PJ Sentral with shareholdings of 30-70.
However, in February 2013, Nusa Gapurna made and agreement with MRCB to sell 70 percent of its shareholding in PJ Sentral to MRCB via a reverse takeover proposal.
On 22 April 2013, Nusa Gapurna issued a notice to PHSB, informing that the company will be engaged in the sale of PJ Sentral shares to MRCB with a price consideration of RM85.3 million.
PHSB then took the case to the High Court.
