KUALA LUMPUR: Boustead Holdings Bhd, which is being sued together with former Prime Minister Datuk Seri Najib Razak and his wife Rosmah Mansor by businessman Deepak Jaikishan over some land deals, said today that the purchase consideration of the deals named in the suit were arrived at on a willing-seller, willing-buyer basis.

It also said the market value of the plots of freehold land that were acquired by its unit Bakti Wira Development Sdn Bhd — which has also been named as a plaintiff in the suit — were appraised by an independent valuer.

The plots measure a total of 200 acres and are located in Selangor: two plots in Kapar, Klang, and one plot in Bukit Raja, Petaling.

The company said Bakti Wira paid RM30 million to acquire an 80% stake in Astacanggih Sdn Bhd from Prestige Dimension Sdn Bhd and other minority shareholders after signing a share sale agreement dated Dec 20, 2012.

Bakti Wira and Astacanggih then acquired the 200 acres of land from Awan Megah (M) Sdn Bhd for RM130 million following a land sale agreement dated Dec 27, 2012.

"The company had, on Dec 27, 2012 and Jan 3, 2013, announced both the acquisitions to Bursa Malaysia. The announcements contained information on the rationale and benefits, risks and effects, industry outlook and prospects, and approvals required for the transactions," it said in a stock exchange filing this evening.

Deepak filed the suit against the four on allegations that they had conspired to defraud him and interfering in a property deal using undue pressure and influence, which caused his company to suffer huge losses.

Deepak is seeking RM656 million in damages, and/or for the shares in Asta Canggih to be returned to him, together with the rights over the lands. He also wants further compensation in exemplary and aggravated damages from the couple and Boustead and Bakti Wira.

The suit was filed in court on Oct 12 and the writ of summons was served to both Boustead and Bakti Wira, who're the third and fourth defendants in the case, on Oct 16 and 18, respectively. Case management of the lawsuit has been fixed on Nov 14.

Yesterday, both Boustead and Bakti Wira had categorically denied his allegations, which they have dismissed as "baseless, frivolous, vexatious and unjustifiable".

"The companies have at all times observed good corporate governance and ethical business practices in the companies’ dealings and had given due commercial considerations before entering into the transactions mentioned in the Plaintiff’s Statement of Claims," Boustead had said in a statement yesterday.