SUDDENLY NAJIB HAS LOST HIS TONGUE: CAUGHT WITH RM800 MILLION DUBIOUS DEAL, TERESA GRILLS EX-PM ON HIS DEAFENING SILENCE OVER WHY HE ALLOWED GOVT AGENCY TO BUY CHEAP LAND FROM RUBBER BOARD & THEN FLIP IT TO EPF – WAS IT TO COVER OTHER ‘LEAKAGES’ AT ATNB?

NAJIB Razak, as the former finance minister, should answer why Aset Tanah Nasional Bhd (ATNB) bought a plot of land from the Malaysian Rubber Board (MRB) only to make a profit of RM800 million when it flipped the land to a retirement fund.

Primary Industries Minister Teresa Kok said a direct sale of MRB’s land to EPF would have been “most logical” and more beneficial for the Employees’ Provident Fund, whose wholly owned subsidiary Kwasa Land Sdn Bhd bought the land from ATNB at a higher price.

EPF should disclose details of dubious deals

THE C4 Centre is deeply concerned with yet another alleged multi-million-ringgit scandal revealed by Primary Industries Minister Teresa Kok recently.

The loss of RM800 million by the Malaysian Rubber Board (MRB) on the sale of 1,120ha of land in Sg Buloh is rife with suspicious dealings.

The chronology of the transactions is listed below:

Kwasa Land is a company wholly owned by the Employees Provident Fund (EPF).

Questions arise as to why the previous government forced the transactions of the government land to a middle agency which then led to the land sale to the EPF for millions of ringgit in profits.

“It is untenable that a government-linked investment company (GLIC), and more so a pension fund like the Employees Provident Fund (EPF) is involved in questionable transactions and business deals without adhering to proper ethical guidelines and standards. Why was the ATNB used as an intermediary?

“Who eventually pocketed from the 800 million?” C4 executive director Cynthia Gabriel asked.

The EPF’s response that the purchase was made at arm’s length, is irresponsible, to say the least.

As a pension fund of millions of taxpayers, it owes us the responsibility of more details and proper clarification.

Just last month, another bailout scandal involving EPF and another government-linked company on the ownership of the Battersea power station redevelopment in South London was reported.

Based on the report by The Financial Times (December 16, 2018)[1], the transactions have raised red flags over construction cost and disputes over the value of the Northern Line underground extension area in the United Kingdom.

C4 Centre urges that:

1. The EPF provide clarification on both the MRB RM800 million scandal and the Battersea deal and show proof of its statement to ease public concerns.

2. We urge other ministers to follow the lead of Teresa Kok and MRB to expose fraud and corruption, and work to rectify these immediately, as the public has a right to know.

3. We further urge the Pakatan Harapan government to form an independent committee on GLIC and GLC reforms, to stop these bodies from being used for political financing purposes.

– https://www.themalaysianinsight.com