Mara overpaid RM27 million for another Melbourne property, says watchdog

Mara Inc paid A$31 million for a building at 333 Exhibition Street, Melbourne, in March 2013, when six months earlier the same property was sold for A$22 million. – Google Map pic, June 30, 2015.

Majlis Amanah Rakyat (Mara) allegedly paid RM27 million above market rates for another Australian property, the National Oversight and Whistle-blowers (NOW) said today.

This comes just a week after Australian paper The Age said the agency paid RM14 million above market rates for Dudley International House with senior officials pocketing the amount.

NOW director and PKR secretary-general Rafizi Ramli said today, according to documents obtained by the watchdog, Mara Inc paid A$31 million for 333 Exhibition Street in March 2013, just six months after an unknown company bought the same property for A$22 million in October 2012.

 "Who is it that flipped this property and made the extra A$9 million?" Rafizi asked in a press conference today.

"This proves that the method of this purchase is the same as Dudley, with Mara Inc paying way over market rates.”

Property firm Quintessential Equity bought the property in 2011 for only A$17.5 million, before undertaking upgrading works and selling it in October 2012 for A$22 million to an unknown company, which is according to market rates.

Later, Mara paid RM27 million more to acquire the property, and Rafizi demanded to know the name of the company from which Mara bought the property.

"From which company and from whom did Mara buy the property?

"Knowing the details of the company will go a long way in shedding light on how this transaction took place and if any other cronies benefited from it."

Australian daily The Age reported last week that Malaysians linked to Mara overpaid developers of Dudley International House by A$4.75 million (RM13.8 million) for a five-storey apartment block in the city in 2013, paying A$22.5 million when the asking price was A$17.8 million.

- TMI