Rural and Regional Development Minister Datuk Seri Shafie Apdal says Majlis Amanah Rakyat (Mara) investment arm Mara Inc paid below valuation rates for four property purchases in Melbourne between 2012 and 2013. – The Malaysian Insider pic by Nazir Sufari, July 6, 2015.
Despite claims by Australian paper The Age and watchdog National Oversight and Whistleblowers (NOW) that Mara had overpaid for the properties in 2012 and 2013, Shafie said today that Mara had paid below valuation rates for all four of the properties.
He said this was based on valuations made by an established Australian property valuator, Raine and Horne International.
"So we are not losing any money. We stand to make money," Shafie said during a press conference in Bangi today after attending Mara's breaking fast event.
He added that even if Mara Inc, which had bought the property, were to settle its bank loans for the purchase with interest for its Dudley International House purchase, it stood to have a surplus of more than A$150,000 (RM429,538).
The Dudley property comprising apartments came into prominence when The Age said that Mara Inc had overpaid by RM14 million for it, with the difference pocketed as kickbacks by some officials from the company.
Shafie also said that the "temporary leave" given to two top Mara Inc officials, chairman Datuk Mohammad Lan Allani and CEO Datuk Abdul Halim Rahim, did not equate to both men being punished.
"This is not a punishment. When the allegations are made, it is proper than they are rested for us to complete the investigations," Shafie said.
Mara purchased The Dudley and three other properties – 333 Exhibition Street, 746 Swanston Street and 21 Queen Street – between late 2012 and early 2013.
According to Shafie, Mara Inc had paid between A$2 million to A$4 million below valuation rates for each of the properties.
NOW said that Mara Inc had overpaid by at least RM129 million for the four properties combined.
- TMI
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