Amidst the raging controversy over Tabung Haji’s overpriced purchase of debt-ridden 1Malaysia Development Bhd (1MDB) land, it is now revealed the pension fund has made a similar deal.
According to The Star today, Retirement Fund Inc (KWAP) has signed a heads of agreement for purchase of Tun Razak Exchange (TRX) at a price that over 15 percent lower than what the pilgrimage fund had paid.
Citing sources, The Star reported KWAP will be paying about RM2,300 per sq ft (psf) for the land intended for its new headquarters.
According to the report, the rationale was KWAP is presently renting its present headquarters at Menara Yayasan Tun Razak at RM4 psf and the move is a “natural step”.
Tabung Haji sparked outrage last week when news leaked that it had purchased a plot of TRX land at approximately 37 times what 1MDB had acquired it from the government for several years ago.
Critics claim the transaction is aimed at bailing out cash-strapped 1MDB in the face of mounting debt repayments.
[More to follow]
According to The Star today, Retirement Fund Inc (KWAP) has signed a heads of agreement for purchase of Tun Razak Exchange (TRX) at a price that over 15 percent lower than what the pilgrimage fund had paid.
Citing sources, The Star reported KWAP will be paying about RM2,300 per sq ft (psf) for the land intended for its new headquarters.
According to the report, the rationale was KWAP is presently renting its present headquarters at Menara Yayasan Tun Razak at RM4 psf and the move is a “natural step”.
Tabung Haji sparked outrage last week when news leaked that it had purchased a plot of TRX land at approximately 37 times what 1MDB had acquired it from the government for several years ago.
Critics claim the transaction is aimed at bailing out cash-strapped 1MDB in the face of mounting debt repayments.
[More to follow]
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