Tabung Haji’s (TH) explanation yesterday that it has decided to sell off the controversial land purchase from 1Malaysia Development Bhd (1MDB) doesn’t erase the fact the deal is still a bailout.
Petaling Jaya Utara MP said the controversy lay in the fact that it had bought the land that 1MDB had bought just four years ago at RM64 per square foot (p/sq ft) at RM2,773 p/sq ft.
“Hence the fact that TH plans to on-sell the plot of land next week is irrelevant to the fact that 1MDB has been bailed out by the pilgrimage fund.
“1MDB ended up the winner because regardless of whether TH is successful in on-selling the piece of land for a profit or otherwise, it has collected the RM188 million in cash which would be immediately utilised to repay its mounting interest commitments.
“Why should TH basically undertake the entire risk of holding the land on behalf of 1MDB to look for a buyer?” said Pua in a statement this morning.
He said if there were already willing buyers on hand as TH claimed yesterday, 1MDB could have sold the plot directly to them instead.
“Hence the assurances from both Prime Minister Najib Razak and the TH chairperson Abdul Azeez Abdul Rahim not only fails the logic test, they are not at all credible,” said the MP.
Azeez attempted to douse the controversy over the purchase yesterday saying Najib had advised them to sell off the land to make back its capital.
However, just two days before that, Tabung Haji explained the purchase of the Tun Razak Exchange land as intended for a residential building.
Apart from the advice, Najib has personally not issued any statement on the controversial deal since the public outcry last week.
The prime minister and finance minister is also the chairperson of the advisory board of the scandal-ridden 1MDB, a government-owned investment arm.
[More to follow]
Petaling Jaya Utara MP said the controversy lay in the fact that it had bought the land that 1MDB had bought just four years ago at RM64 per square foot (p/sq ft) at RM2,773 p/sq ft.
“Hence the fact that TH plans to on-sell the plot of land next week is irrelevant to the fact that 1MDB has been bailed out by the pilgrimage fund.“1MDB ended up the winner because regardless of whether TH is successful in on-selling the piece of land for a profit or otherwise, it has collected the RM188 million in cash which would be immediately utilised to repay its mounting interest commitments.
“Why should TH basically undertake the entire risk of holding the land on behalf of 1MDB to look for a buyer?” said Pua in a statement this morning.
He said if there were already willing buyers on hand as TH claimed yesterday, 1MDB could have sold the plot directly to them instead.
“Hence the assurances from both Prime Minister Najib Razak and the TH chairperson Abdul Azeez Abdul Rahim not only fails the logic test, they are not at all credible,” said the MP.
Azeez attempted to douse the controversy over the purchase yesterday saying Najib had advised them to sell off the land to make back its capital.However, just two days before that, Tabung Haji explained the purchase of the Tun Razak Exchange land as intended for a residential building.
Apart from the advice, Najib has personally not issued any statement on the controversial deal since the public outcry last week.
The prime minister and finance minister is also the chairperson of the advisory board of the scandal-ridden 1MDB, a government-owned investment arm.
[More to follow]
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