All Land in Scandal-Ridden 1MDB Now Owned by Finance Ministry

Pavither May 4, 2018

Minister of Finance Inc has taken possession of all land owned by 1Malaysia Development Bhd (1MDB), which allegedly misappropriated billions of dollars, reported the New Straits Times.

Its CEO Arul Kanda Kandasamy said the ownership transfer of land is part of the rationalisation plan for 1MDB as recommended by the Public Accounts Committee (PAC).

“This will enable the assets to be developed outside of the negative impression of 1MDB,” he said during an explanation session at Balik Pulau on Thursday (3 May).

Pieces of land taken under the control by the subsidiary of the Ministry of Finance include plots in Air Itam and Pulau Indah. Massive projects – Bandar Malaysia and the Tun Razak Exchange (TRX) – were also taken under its purview.

Arul Kanda revealed that the Ministry of Finance owns all the land in TRX and the buildings being built there are leased out.

Regarding the 9.5ha land in Air Itam, Prime Minister Datuk Seri Najib Tun Razak previously announced that the government intends to construct 9,999 affordable homes there.

Meanwhile, Arul Kanda insisted that the Ministry of Finance did no bail out 1MDB.

“We acknowledge that 1MDB has made bad business decisions, and we have followed all the demands made by the PAC such as changing its management,” he added.

Image sourced from NST Online

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