EPF: Purchase of Sungai Buloh land was done 'at arm's length'

The Employees Provident Fund’s (EPF) said its purchase of the 2,330-acre Sungai Buloh land from Aset Tanah Nasional Bhd (ATNB) in 2012 was done at arm’s length.

"EPF follows a strict framework in all of its investments, which requires it to conduct robust due diligence prior to any transaction," the country's largest pension fund said in a statement yesterday.

"The RM2.28 billion purchase price was reflective of the fair market value of the land, given its prime location between Kota Damansara and Sungai Buloh," EPF added.

However, it added, it has no knowledge of any subsequent arrangements between the Malaysian Rubber Board (MRB) and Aset Tanah Nasional Bhd (ATNB), as raised by Primary Industries Minister Teresa Kok.

Yesterday, Kok claimed that the previous government under former Prime Minister Najib Razak had in 2010 instructed MRB to sell 2,800 acres of its land in Sungai Buloh to ATNB at an undervalued price of RM1.5 billion.

ATNB, owned by the Finance Ministry, then sold the land to Kwasa Land, which is owned by the EPF, at a price of RM2.28 billion. This translated to a profit of almost RM800 million.

Najib dismissed the allegation, saying that there was no issue as it was merely one government entity selling to another government entity.

The Pekan MP also said the land sale to Kwasa Land would allow EPF to benefit from the development there.

As ATNB is a Finance Ministry entity, Najib said Kok should ask for the money from Finance Minister Lim Guan Eng.

Also yesterday, MRB chairperson Sankara N Nair said Najib should explain what happened to the RM800 million ATNB profited from the sale of the MRB land. - Mkini