PKR's Pandan MP Rafizi Ramli says his concern is over both the buying of the TRX land by KWAP as well as the development of a new building for KWAP by 1MDB Real Estate. – The Malaysian Insider pic, May 18, 2015.PKR lawmaker Rafizi Ramli wants the Second Finance Minister to confirm whether Retirement Fund Incorporated (KWAP) has completed the purchase of land at the Tun Razak Exchange (TRX).
He said that leaked documents from a Cabinet meeting last week revealed that the Second Finance Minister had tabled a list of all agreements signed with 1MDB for the development of TRX, and it included the deal with KWAP.
This followed news of 1MDB's sale of land to Muslim pilgrims' fund Lembaga Tabung Haji.
Speaking at the Dewan Rakyat today during the debate on the Retirement Fund (Amendment) Bill 2015,
Rafizi noted that KWAP had reacted by denying that it had bought anything and was still considering the purchase.
Rafizi said leaked documents he obtained revealed that the 1MDB-KWAP deal involved the development of a new KWAP headquarters with 900,000 sq ft of space.
He added that while the owner was KWAP, 1MDB Real Estate was the project developer.
"So I'm asking the minister if this was tabled in Cabinet.
"We are worried given 1MDB's cash flow problems, and now KWAP is not only buying land but 1MDB RE is developing it. What is the assurance that 1MDB can rent out the space and get decent returns for KWAP," he asked.
He added that KWAP had suffered losses in the past few years and made some questionable investments.
As such, he said that the Retirement Fund (Amendment) Bill 2015 should be tightened in terms of administration and oversight.
- TMI
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