Putrajaya took an RM2 billion loan to purchase a 51 percent stake in the Exchange 106 development, the land for which 1MDB had initially sold off to Indonesia's Mulia Group, PKR vice-president Rafizi Ramli has claimed.
Citing a "Statement of Particulars To Be Lodged With Charge" filed with the Companies Commission of Malaysia (CCM), Rafizi said the said land was charged to the bank in exchange for an RM2 billion loan from HSBC Bank.
"The RM2 billion was raised through a bank loan by collateralising the government's interest in the project.
"This means 1MDB continues to accumulate debt that will have to be footed by Malaysians.
"This goes against Prime Minister Najib Abdul Razak's promise that 1MDB would be able to settle its own debt without dragging in the Malaysian people," Rafizi (photo) said in a statement today.
The Exchange 106 project is part of the Tun Razak Exchange development, a key project by 1MDB.
However, following its financial trouble, the development was transferred from 1MDB to the Finance Ministry. 1MDB is also a Finance Ministry entity.
The Finance Ministry, in a parliamentary written reply to Rafizi yesterday, confirmed it had acquired a 51 percent stake in Mulia Property Development Sdn Bhd, the company overseeing the Exchange 106 project.
However, it did not reveal the cost of the acquisition, merely stating that it was at "original cost".
1MDB reportedly sold the 3.4 acres of land to Mulia Group for the Exchange 106 project for RM665 million.
Rafizi claimed, however, that the sale by 1MDB to Mulia Group was actually discounted by 39 percent, at RM403.9 million. - Mkini
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