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Sunday, July 19, 2015

Tabung Haji chairman lied as TRX land still not sold, says ex-editor

Tabung Haji chairman Datuk Seri Abdul Azeez Abdul Rahim reassured depositors that the fund’s investment in Tun Razak Exchange was profitable. – The Malaysian Insider file pic, July 19, 2015.Tabung Haji chairman Datuk Seri Abdul Azeez Abdul Rahim reassured depositors that the fund’s investment in Tun Razak Exchange was profitable. – The Malaysian Insider file pic, July 19, 2015.
Pilgrims’ fund chairman Datuk Seri Abdul Azeez Abdul Rahim has lied to the people and gone against the prime minister as despite his earlier promise, there has been no word of a buyer for the land Tabung Haji purchased from debt-ridden 1Malaysia Development Bhd (1MDB), Datuk A. Kadir Jasin said.
Writing in his blog, the former editor-in-chief of New Straits Times noted that in May, Azeez said the land in Tun Razak Exchange (TRX) would be sold at a profit and that many buyers had shown interest.
But nearly three months later, there was no news of any sale, and instead there was talk that the land need not be sold any time soon as it was meant as a long-term investment.
"Every day that goes by without the land being sold is tantamount to Abdul Azeez lying to the people and going against the prime minister.
"The truth is, given the rising controversy in 1MDB, not many want to touch the land.
"Furthermore, there are lots of land in TRX which are yet to be sold," Kadir said.
Tabung Haji purchased the 0.64ha land for RM188 million in April to develop a residential tower, 43 times the price the debt-ridden 1MDB had paid for the plot, which it bought from the federal government four years ago.
Mindful of a backlash and sensitivity among its depositors over the purchase, Tabung Haji quickly vowed to sell off the land at a profit soon after buying it, saying it had ready buyers which proved that the land had appreciating value and was a profitable venture.
Azeez had said the decision to sell the land was on the advice of Prime Minister Datuk Seri Najib Razak, who is also chairman of 1MDB's advisory board.
As such, Kadir questioned the motive of the prime minister and his advisers, including businessman Low Taek Jho, in setting up 1MDB which had a paid-up capital of RM1 million but has incurred debts of RM42 billion.
"What happened to the practice of debt to equity ratio and capital adequacy?
"The answer was provided by Mohd Najib himself when he did not deny the account in AmBank Islamic in his name which once had RM2.63 billion.
"Every day that goes by with Mohd Najib keeping quiet about the account, more and more people will come to the conclusion and believe that there is a link between the weird administration of 1MDB and the billions of 1MDB money that remain unaccounted for," he said.
He said it was the prime minister's right and that of his propaganda machinery to cook up various stories to convince those who know nothing about the economy, business and sophisticated financing.
"But those who understand cannot be convinced any more.
"They know the difference between glass and precious stones.”
The Wall Street Journal reported on July 2 that US$681 million (RM2.6 billion) originating from Tanore Finance, a company in the British Virgin Islands, was deposited into Najib's accounts in two transactions on March 21 and 25 in 2013, ahead of the May general election.
It was reported that one of the accounts was closed on August 30 the same year.
Another sum of US$11.1 million originating from Finance Ministry-owned SRC International Sdn Bhd was moved in two tranches between December 2014 and February this year. The second account was reportedly closed on March 9 this year.
- TMI

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