Economic Development Corp.(MALAYSIA --- The Privileged FewBy Murray Hiebert in Kuala Lumpur6 July 1995,Far Eastern Economic Review)The facts of the matter as reported by Raphael Pura , AWSJ :In 1984, Stamford -- which is 90% owned by three families, the Singapore-basedSeet family, and the Gan and Wang families from Malaysia -- applied to the Johorgovernment for permission to develop a light industrial estate on part of theland. Stamford, in its suit, claims nothing happened until 1988. Then, Stamforddirectors met businessmen Syed Mokhtar and Datuk Yahaya, who said they were TanSri Muhyiddin's "close friends and business associates," according to the Stamfordsuit.According to Stamford's court submission, the company in late 1989 agreed withSyed Mokhtar and Datuk Yahaya, "acting for themselves and [Tan Sri Muhyiddin]," tocreate a joint-venture company to develop 1,766 acres of Stamford's property. TheJohor trio, led by Syed Mokhtar, invested 1.8 million ringgit in the jointventure, taking 30% of its equity; Stamford held the remainder. The joint-venturecompany acquired the property from Stamford and submitted a fresh application toconvert it to industrial use. The Johor government then approved the conversion"speedily," Stamford says in its suit in which it also alleges that the Mokhtargroup "made a clean profit of 83.2 million."According to Stamford, the Mokhtar group in 1992 approached Stamford's directors,proposing to develop the remaining 6,520 acres of Stamford's Johor property. Thistime, Stamford alleges, the group insisted on taking a 70% equity stake in a newjoint venture and proposed that Stamford's land be sold to the venture at 30,000ringgit an acre. Stamford protested that it wanted to hold 70% of the venture andshould be paid more than twice that price for the land.(Malaysian Company Continues Suit Challenging State Acquisition of Land | ByRaphael Pura - Staff Reporter of The Wall Street Journal | 16 June 1995,The WallStreet Journal)The case concluded in an out of court settlementThe land acquisition civil suit filed by a firm against the Johor government andseveral other parties was settled today for a total of RM405 million.The High Court ordered Stamford Holdings Sdn Bhd to be paid the amount for theacquisition of 6,544 acres of land belonging to it.The consent order was given by Justice Zainun Ali in chambers.Under the settlement, the Johor government is to pay the plaintiff RM313.25million while Kelana Ventures Sdn Bhd was ordered to pay RM92.12 million.Datuk V. Sivaparanjothi and Manjit Singh appeared for the plaintiff while DatukAbdul Aziz Abdul Rahim appeared for the Johor State Government, Johor Baru LandAdministrator and former Mentri Besar Tan Sri Muhyiddin Yassin.Roger Tan Kor Mee appeared for Perbadanan Kemajuan Ekonomi Islam Negeri Johor.