Majlis Amanah Rakyat's (Mara) investment arm Mara Incorporated has sold one of its four properties in Melbourne, Australia and the profit was used to pay off its debts to two Australian banks.
This was revealed by Mara chairperson Annuar Musa during a press conference in Kuala Lumpur today.
"I am proud to announce that we have sold one of the properties (in Melbourne) because I want them to settle their debts.
"The sale was concluded a few months ago and we have used all the proceeds to pay off loans obtained from two banks in Australia," he said.
Annuar said the decision was made to prevent Mara Inc from maintaining a high debt level.
"So we decided to liquidate our assets by selling off one out of the four properties, conducted through an open tender managed by a foreign (Australian) firm," he said.
Cooperating with MACC
Annuar declined to reveal further details surrounding the sale, including the name of the property and at what price.
He added that full cooperation has been given to the Malaysian Anti-Corruption Commission's ongoing probe into Mara Inc's Melbourne properties.
Mara Inc's Melbourne properties made headlines in June 2015 following a report by an Australian newspaper, The Age, which claimed that the company had purchased a five-storey apartment block, Dudley House, at an inflated price.
The newspaper at the time claimed that "a group of very rich Malaysian officers" had overpaid A$4.75 million (RM13.8 million) for the apartment block in 2013 - the excess amount of which was channelled back to Malaysia as kickbacks for Malaysian officials.
All four Mara Inc properties in Melbourne were reportedly acquired between 2012 and 2013.- Mkini