Tabung Haji in process of selling TRX land, says Azeez
Lembaga Tabung Haji chairman Datuk Seri Abdul Azeez Abdul Rahim says today the pilgrims’ fund is in the midst of selling its Tun Razak Exchange land. – The Malaysian Insider pic by Kamal Ariffin, May 26, 2015.Lembaga Tabung Haji is in the process of selling the Tun Razak Exchange (TRX) land that it had bought from debt-ridden 1Malaysia Development Berhad (1MDB) for RM188.5 million after promising earlier this month to do so within a fortnight.
Its chairman, Datuk Seri Abdul Azeez Abdul Rahim, said the pilgrims' fund was in the process of sealing the sales and purchase agreement but did not elaborate further.He also declined to reveal the potential buyer of the land, adding that the information would be revealed once the due process has been completed.
"Yes, we have a buyer. We will inform later (about it)," Azeez said when met by reporters at the Tabung Haji building in Kuala Lumpur today. "It is in the sales and purchase process, with a little pr
Tabung Haji in process of selling TRX land, says Azeez
Lembaga Tabung Haji chairman Datuk Seri Abdul Azeez Abdul Rahim says today the pilgrims’ fund is in the midst of selling its Tun Razak Exchange land. – The Malaysian Insider pic by Kamal Ariffin, May 26, 2015.Lembaga Tabung Haji is in the process of selling the Tun Razak Exchange (TRX) land that it had bought from debt-ridden 1Malaysia Development Berhad (1MDB) for RM188.5 million after promising earlier this month to do so within a fortnight.Its chairman, Datuk Seri Abdul Azeez Abdul Rahim, said the pilgrims' fund was in the process of sealing the sales and purchase agreement but did not elaborate further.He also declined to reveal the potential buyer of the land, adding that the information would be revealed once the due process has been completed.
"Yes, we have a buyer. We will inform later (about it)," Azeez said when met by reporters at the Tabung Haji building in Kuala Lumpur today. "It is in the sales and purchase process, with a little profit."
Tabung Haji has an RM920 million bond in 1MDB's real estate development Bandar Malaysia and last month bought 0.63ha from the TRX financial district, which is another 1MDB development.
Its purchase of the plot of land from 1MDB for RM188.5 million, or RM2,774 per sq ft (psf), for the purpose of building a residential tower has created uproar among its depositors, some of whom withdrew their savings.
Opposition politicians were quick to note that Tabung Haji was paying far more psf than what 1MDB had paid at RM64 psf when it first bought the land from the government, causing some to call the deal a "bailout" given 1MDB's massive debts.
Following widespread criticism and public outcry over the purchase of the land, Tabung Haji announced on May 9 that it was selling the plot to a buyer at a profit of at least RM5 million and that the deal would be concluded within the next few weeks.
Azeez, who is also Baling MP, said that Tabung Haji had received three offers from interested buyers for the prime land.
He said then that Prime Minister Datuk Seri Najib Razak had advised him to dispose of the land so that the fund's reputation was not "tarnished" due to its business transaction with 1MDB, and in order to respect the "sensitivity" of the depositors.
Najib is also finance minister and chairman of 1MDB's advisory board. – May 26, 2015.
Tabung Haji in process of selling TRX land, says Azeez
Lembaga Tabung Haji chairman Datuk Seri Abdul Azeez Abdul Rahim says today the pilgrims’ fund is in the midst of selling its Tun Razak Exchange land. – The Malaysian Insider pic by Kamal Ariffin, May 26, 2015.Lembaga Tabung Haji is in the process of selling the Tun Razak Exchange (TRX) land that it had bought from debt-ridden 1Malaysia Development Berhad (1MDB) for RM188.5 million after promising earlier this month to do so within a fortnight.Its chairman, Datuk Seri Abdul Azeez Abdul Rahim, said the pilgrims' fund was in the process of sealing the sales and purchase agreement but did not elaborate further.He also declined to reveal the potential buyer of the land, adding that the information would be revealed once the due process has been completed.
"Yes, we have a buyer. We will inform later (about it)," Azeez said when met by reporters at the Tabung Haji building in Kuala Lumpur today. "It is in the sales and purchase process, with a little profit."
Tabung Haji has an RM920 million bond in 1MDB's real estate development Bandar Malaysia and last month bought 0.63ha from the TRX financial district, which is another 1MDB development.
Its purchase of the plot of land from 1MDB for RM188.5 million, or RM2,774 per sq ft (psf), for the purpose of building a residential tower has created uproar among its depositors, some of whom withdrew their savings.
Opposition politicians were quick to note that Tabung Haji was paying far more psf than what 1MDB had paid at RM64 psf when it first bought the land from the government, causing some to call the deal a "bailout" given 1MDB's massive debts.
Following widespread criticism and public outcry over the purchase of the land, Tabung Haji announced on May 9 that it was selling the plot to a buyer at a profit of at least RM5 million and that the deal would be concluded within the next few weeks.
Azeez, who is also Baling MP, said that Tabung Haji had received three offers from interested buyers for the prime land.
He said then that Prime Minister Datuk Seri Najib Razak had advised him to dispose of the land so that the fund's reputation was not "tarnished" due to its business transaction with 1MDB, and in order to respect the "sensitivity" of the depositors.
Najib is also finance minister and chairman of 1MDB's advisory board. – May 26, 2015.
3. Tabung Haji flip-flop over purchase
Amazingly, Tabung Haji chairman Datuk Seri Abdul Azeez Abdul Rahim had first denied the contents of the blog that revealed the fund's purchase. He admitted to a miscommunication after his officials confirmed they bought land for a condominium tower.
Also amazing considering that Tabung Haji's managing director Tan Sri Ismee Ismail also sits on the 1MDB board. Was there any conflict of interest declared, or did Ismee refrain from
taking part in the Tabung Haji purchase decision?
Would a company chairman not be told of a RM188.5 million purchase, or for that matter any other big purchase? By his managing director who is on the 1MDB board?
Or was this such a deep dark secret on a need-to-know basis within Tabung Haji? What does it say of other Tabung Haji purchases then, considering that it is funded by savings made by would-be pilgrims?
To be fair, it would appear that Tabung Haji did get a good price for the TRX land but it is not as good as what 1MDB paid for the land, that is, at RM64 per square feet against the RM2,773 per square feet in the Tabung Haji purchase.
That is a lot of money for what was a few years ago was just government land for civil servants. – May 8, 2015.
- See more at: http://www.themalaysianinsider.com/malaysia/article/3-lessons-from-1mdbs-trx-land-sale-to-tabung-haji#sthash.qr52UoCx.dpuf
Amazingly, Tabung Haji chairman Datuk Seri Abdul Azeez Abdul Rahim had first denied the contents of the blog that revealed the fund's purchase. He admitted to a miscommunication after his officials confirmed they bought land for a condominium tower.
Also amazing considering that Tabung Haji's managing director Tan Sri Ismee Ismail also sits on the 1MDB board. Was there any conflict of interest declared, or did Ismee refrain from
taking part in the Tabung Haji purchase decision?
Would a company chairman not be told of a RM188.5 million purchase, or for that matter any other big purchase? By his managing director who is on the 1MDB board?
Or was this such a deep dark secret on a need-to-know basis within Tabung Haji? What does it say of other Tabung Haji purchases then, considering that it is funded by savings made by would-be pilgrims?
To be fair, it would appear that Tabung Haji did get a good price for the TRX land but it is not as good as what 1MDB paid for the land, that is, at RM64 per square feet against the RM2,773 per square feet in the Tabung Haji purchase.
That is a lot of money for what was a few years ago was just government land for civil servants. – May 8, 2015.
- See more at: http://www.themalaysianinsider.com/malaysia/article/3-lessons-from-1mdbs-trx-land-sale-to-tabung-haji#sthash.qr52UoCx.dpuf
KUALA LUMPUR, Dec 29 — It would be unwise for Lembaga Tabung Haji (LTH) to sell off its plot of land in the Tun Razak Exchange (TRX) as it is a great investment with promising returns, Minister in the Prime Minister’s Department Datuk Seri Jamil Khir Baharom said.
According to Malaysiakini, the minister said this in a parliamentary reply on December 3 when explaining the delay behind the fund’s plan in May to sell the 1.56-acre plot.
LTH had purchased the land from 1Malaysia Development Berhad (1MDB) for RM188.5 million in April but was subjected to much scrutiny from various parties for allegedly using public funds to bail out the state investor.
The pilgrimage fund made a decision to immediately sell off the land soon after but Prime Minister Datuk Seri Najib Razak insisted in August that LTH was making a mistake by doing so.
LTH has yet to sell off the land despite promising to do so by end of May.
steadyaku47 comment:
Chairman Tabung Haji in the above video tells us " Yang Amat Berhormat Perdana Menteri ....menasihat kami untuk menjual tanah ini".
Jamil, Minister in the PM's Department then said that Prime Minister Datuk Seri Najib Razak insisted in August that LTH was making a mistake by doing so.
So who do we believe?
No comments:
Post a Comment