Malaysian firm denies land dealings with Satyam

Kuala Lumpur, Feb 2 (PTI) A leading Malaysian company has
refuted allegations of improper land dealings with scandal-hit
Satyam Computer Services Group and has extended its
cooperation to the Indian authorities.

IJM Corp Bhd denied that the company, its CEO Krishnan
Tan or director in charge of operations in India Ng Chin Meng
had land dealings with Satyam or Maytas Infra Ltd in their
personal capacity or on behalf of the company.

"The company will extend its full cooperation to the
Indian Tax Authorities, if needed," IJM Corp in a statement to
the Malaysian stock exchange.

The company's denial came after an Indian business daily
reported that Ng was on a list of 30 individuals who were
being investigated by Indian Tax Authorities in relation to
the Satyam fraud case.

IJM's unit in India, IJM (India) Infrastructure Ltd, got
involved in business in the country in 1997-98 with
co-investments in Gautami Power and two road projects.

Those projects were done in a joint venture with Satyam
Constructions Ltd, now called Maytas Infra. It said the road
projects were completed in 2001 and Maytas was a
sub-contractor for another road project in Madhya Pradesh in
2003.

The company was originally incorporated in April 1998 by
promoters related to Maytas and Satyam. But the promoters
stake in IJM India was gradually reduced from an original 30
per cent to 0.85 per cent in March 2008 and, from 2003, the
promoters linked to Maytas and Satyam did not have any board
representation in IJM India, local media reports said today.

Maytas is currently a sub-contractor for IJM India in two
road projects. IJM India said those jobs were at advanced
stage and conducted on an arm's length basis, the reports
said. PTI