Having acquired shares in Boustead Holdings Bhd, PKR director of strategy Rafizi Ramli is now at Menara Boustead, going through details of the company's controversial acquisition of the 81-hectare parcel of land in Bukit Raja through a company owned by carpet dealer Deepak Jaikishian.

NONE Rafizi ( left ) said his move was to try to find out whether Boustead practised due diligence in the acquisition.

If the acquisition was not done in a proper way, Rafizi said, PKR would study its next course of action, including the possibility of initiating court action.

"For me, I think the purchase was done without basis, since Boustead had no interest in the land. This is the first company share that I have purchased, and it took some time as I had to open a central depository account to acquire it," he said before going into the building to begin his search.

"After acquiring shares, the company allows the shareholder three months to conduct a search and this is the reason I am here today, after the Chinese New Year holidays," he said.

At least two hours on documents

Rafizi said he would spend at least two hours looking at the documents.

If there were questions about the land purchase, he said, interested parties or shareholders could appeal to the Selangor government to use its powers to try and frustrate Boustead Holdings and Lembaga Tabung Angkatan Tentera (LTAT), which owns the majority state in Boustead, from completing the purchase.

Deepak was reported to have been forced to withdraw his suit against Selangor Wanita Umno leader Raja Ropiaah Raja Abdullah after the acquisition of his company, Astacanggih Sdn Bhd.

Bursa Malaysia announced in December that Boustead Holdings, the investment vehicle of LTAT, was acquiring an 80 percent stake in Astacanggih, which is partly owned by Deepak.

Boustead Holdings purchased the stake through its wholly-owned subsidiary, Bakti Wira Development Sdn Bhd, and said it would also acquire 80.94 hectares of freehold land in Klang from Awan Megah (M) Sdn Bhd for RM130 million.