BOMBSHELL – NAJIB REGIME FORCED RUBBER BOARD TO SELL LAND AT CHEAP PRICES IN RM800 MILLION SCAM INVOLVING EPF-LINKED BUYER

THE Najib Razak government forced the Malaysian Rubber Board (MRB) to sell 1,000ha of land for cheap to another agency which pocketed RM800 million by reselling it to an EPF-linked property company.

MRB sold the 1,133ha plot of land at a grossly undervalued RM1.5 billion in 2010, Primary Industries Minister Teresa Kok said today.

The direct sale of the land in Sg Buloh to Aset Tanah Negara Berhad (ATNB) was approved by the cabinet in October 2010, she said.

“It has now come to the knowledge of MRB that the said land that was subsequently bought by KWASA Land (EPF) for a sale consideration of about RM2.28 billion.

“MRB was, therefore, shortchanged. There was a difference of about RM800 million.   MRB is now contending that it is lawfully entitled to the difference of RM800 million. To date, the sum is still unaccounted for,” Kok said at a press conference today.

KWASA Land Sdn Bhd is a wholly owned subsidiary of the Employees Provident Fund and functions as a master developer in collaboration with developers for projects in the Klang Valley.

ATNB, however, is only known as a special purpose vehicle but the people behind it appear to be unknown, said MRB chairman Sankara N. Nair, who was present with Kok today.

The MRB board has no details regarding ATNB and has asked the auditor-general for further information, he said.

Kok said the MRB board also reported the sale to the National Audit Department for further investigation.

The ministry and MRB also plan to lodge a report with the Malaysian Anti-Corruption Commission, Sankara said.

Kok added that MRB lodged a separate report with MACC in November over a breach in the board’s procedures, resulting in RM70 million losses as a result of being forced to appoint two companies, KLIA Consultancy Services Sdn Bhd and KLIA Associates Sdn Bhd, as project delivery partner, for the development of the remaining land in Sg Buloh that was not sold to ATNB.

The development on the remaining land was for a new lab, an office tower, a museum centre, sports facility and technology transfer complex.

The project was approved in 2012/2013 by the MRB board but terminated in February last year when only 5% was completed.

The minister overseeing MRB at the time was Sabah BN politician, Bernard Dompok, who was plantation industries and commodities minister.

Kok has imposed a moratorium on development for all land under MRB’s land bank, including some projects already approved.

She said it was time for  MRB to return to its original mandate to conduct rubber research.

– https://www.themalaysianinsight.com