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Saturday, June 30, 2018

‘Jho Low-linked firm paid RM35 million to vacate KL land’

Ladang Impian 1 Sdn Bhd was paid to terminate its lease seven years ahead of its expiry on Jan 1 this year, on land eyed for the TRX project, says The Edge.
Ladang Impian 1 Sdn Bhd reportedly received RM35 million to vacate a plot of land earmarked for the TRX project in Kuala Lumpur.
PETALING JAYA: A company believed to be linked to fugitive businessman Low Taek Jho, better known as Jho Low, received RM35 million to vacate a plot of land earmarked as part of the Tun Razak Exchange (TRX) project, a report says.
According to The Edge, Ladang Impian 1 Sdn Bhd (LI1SB) had held a 15-year lease on the 1.6ha land once occupied by the Pasarakyat market in Kuala Lumpur.
It said the company was paid the amount to terminate its lease seven years ahead of its expiry on Jan 1 this year.
It said LI1SB, a unit of Loh & Loh Corp Bhd (LLC), which is believed to have ties to Low, was delisted on Dec 21, 2010 after being privatised by Javace Sdn Bhd and PetroSaudi International.
The company’s 2011 audited financial reports show that it was paid RM35 million to terminate the lease, signed by the Federal Land Commissioner, the Edge reported.
It said LLC gained RM26.26 million on disposal from the compensation.
The report also said latest filings from the Companies Commission of Malaysia showed LLC to be owned by Selesa Produktif Sdn Bhd and ultimately owned by former SRC International director Che Abdullah @ Rashidi Che Omar via Ring Excellence Sdn Bhd and Collective Bridge Sdn Bhd.
SRC was a subsidiary of 1MDB before it was placed under the finance ministry.
The Pasarakyat market was demolished to make way for the TRX project.
The Pakatan Harapan (PH) government announced last week that TRX, which sits on a 28.3ha plot and was promoted by former prime minister Najib Razak, would go ahead despite allegations of financial misconduct.
The government said it would also inject up to RM2.8 billion to complete the project, saying this was to allay concerns from local and foreign investors “who have put billions of ringgit” in the project. - FMT

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