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Wednesday, June 24, 2015

We started investigating Melbourne deal 2 months ago, says Mara chairman

Mara chairman Tan Sri Annuar Musa says the agency is investigating two subsidiaries over the purchase of a  Melbourne property. – The Malaysian Insider pic by Najjua Zulkefli, June 23, 2015.Mara chairman Tan Sri Annuar Musa says the agency is investigating two subsidiaries over the purchase of a Melbourne property. – The Malaysian Insider pic by Najjua Zulkefli, June 23, 2015.
Mara began investigations into the multi-million ringgit purchase of a hostel in Melbourne by one of its subsidiaries two months ago, way before the matter was highlighted by an Australian newspaper,

Mara chairman Tan Sri Annuar Musa said today.
He said two Mara subsidiaries were investigated, including Mara Incorporated (Mara Inc), implicated in the purchase of the Melbourne property.

"So, it was not a shocking news for us as Mara was already taking action‎. But we will take the report from The Age as additional information to help our ongoing investigation into Mara Inc."
However, Annuar, who is also Ketereh MP, refused to disclose what had triggered the internal audit into Mara Inc, which has been accused of overpaying by A$4.75 million (RM13.8 million) for hostel in Melbourne, Australia in 2013.
"The audit started two months ago but we have yet to receive a report from Mara Inc yet. However, the other subsidiary being audited has already submitted its report and it has been presented to the council," he added.‎
Annuar said that as part of upholding its integrity, Mara would perform internal probes into its subsidiaries from time to time and Mara Inc was one that had come up because of several red-flags.
"We were very concerned. We saw certain things that had to be looked into. I visited the property last year and when I came back, I highlighted a few things to the council.
"We will now continue the audit and I have asked Mara Inc to give me a written and detailed explanation on the allegations within the next seven days.

"And in 14 days, the Mara Council will meet to discuss our next step about the issue," he added.
Annuar said the council would also discuss on how to improve the transparency of its dealings and maintain its integrity.
"We will also decide on whether to suspend the people who were allegedly involved in the deal," Annuar said.
When asked if it was Mara's procedure to use a shell company to purchase properties overseas, Annuar said that it was one of the options used by its subsidiaries.
"To the best of our knowledge and based on information we received, the property was bought at fair market price," he said, adding that Mara Inc had assets worth RM600 million in Australia and the UK.
"Their businesses have been doing well and have returned profits beyond our expectations."
The Age reported yesterday that a “top” Mara officer, senior official and former politician had allegedly spent millions of government funds to buy an apartment block in Melbourne in a property scam.
In the exclusive report, the Australian paper alleged that “a group of super-rich Malaysian officials” overpaid by A$4.75 million (RM13.8 million) for an apartment block in the city in 2013.
The trio had allegedly “overbid” for the building, called Dudley International House, from A$17.8 million to A$22.5 million (RM65.3 million), with the difference pocketed as bribes back home.
Australian developers of the property received sham invoices for fake services, such as “consultancy and advisory”, from Malaysian firms, the paper said.
The paper alleged that the same group of high-ranking Malaysians was also involved in about A$80 million worth of Melbourne property, buying up offices and apartment blocks.

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