PETALING JAYA: The Employees Provident Fund’s (EPF) purchase of the 2,330 acre (943ha) land from Aset Tanah Nasional Bhd (ATNB) was done at an arm’s length basis.
The EPF said that it has no knowledge of any subsequent arrangements between the Malaysian Rubber Board (MRB) and ATNB as raised by Primary Industries Minister Teresa Kok.
The EPF added that it followed a strict framework in all of its investments which requires it to conduct robust due diligence prior to any transaction.
“The RM2.28bil purchase price was reflective of the fair market value of the land, given its prime location between Kota Damansara and Sungai Buloh.
“The transaction was done at an arm’s length basis for the development of Kwasa Damansara, a township with a mix of residential and commercial properties, infrastructure and public amenities,” it said in a statement on Thursday (Jan 3).
The EPF purchased the land in 2011 via its wholly-owned subsidiary Kwasa Land Sdn Bhd from ATNB, a special purpose vehicle (SPV) of the Finance Ministry.
The purchase was finalised on Aug 27, 2012.
At a press conference on Thursday, Kok alleged that the MRB was forced to sell 2,800 acres of its land at Sungai Buloh to ATNB at below market price of RM1.5bil in 2010.
She said the current MRB board had in November 2018 reported the transaction to the Malaysian Anti-Corruption Commission (MACC) and the National Audit Department for a thorough audit and further investigation.
She said the land was subsequently bought by Kwasa Land for a consideration of about RM2.28bil, resulting in a RM800mil shortfall.
– ANN
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