NAJIB’S RM3 BILLION DENIAL FALLS APART: TRX CITY LODGES POLICE REPORT – ‘A TOTAL OF RM3 BILLION WAS TRANSFERRED OUT TO 1MDB ON INSTRUCTIONS FROM 1MDB BETWEEN MID 2012 TO EARLY 2017’

KUALA LUMPUR — Developer TRX City Sdn Bhd (TRXC) said today it has filed a police report on the transfer of RM3 billion of its funds to scandal-plagued 1Malaysia Development Bhd (1MDB).TRXC said in a statement that the funds were transferred based on instructions from 1MDB and were diverted from their intended use for the Tun Razak Exchange and Bandar Malaysia projects.

“A total of RM3 billion was transferred from TRXC to 1MDB between mid-2012 to early 2017, when it was a subsidiary of 1MDB, on the understanding that it would be subsequently repaid to TRXC,” the firm said.

It also pledged full cooperation to the police.

The report was lodged at the Jalan Travers police station here on Friday, following Finance Minister Lim Guan Eng’s revelation that day that the amount was siphoned off to pay debts accrued by 1MDB.

Lim said the previous federal government, then under Barisan Nasional, had guaranteed borrowings, extended advances and provided transfers to, as well as purchased land from master developer TRXC since 2012.

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In total, Datuk Seri Najib Razak’s administration had issued a payment up to RM3.688 billion where RM3.067 billion was misappropriated by 1MDB to pay its loan repayments, he added.

He said the new Cabinet now under Pakatan Harapan has decided to inject another RM2.8 billion into the project to avoid paying compensation of up to RM3.5 billion and to boost investor confidence.

MALAY MAIL