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TRX City is the owner of two key real estate projects under the 1MDB umbrella, namely the the 28.3ha Tun Razak Exchange and the 196.6ha Bandar Malaysia development in Kuala Lumpur. – The Malaysian Insight file pic, June 21, 2018.
https://www.themalaysianinsight.com/s/55945
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21 June 2018
TheMalaysianInsightVerified account @msianinsight
RM3 billion misappropriated from TRX project to pay off 1MDB debts, says Guan Eng
MORE than RM3 billion in government funds was misappropriated from the Tun Razak Exchange (TRX) project to pay off 1Malaysia Development Bhd debts, said Lim Guan Eng today.
The finance minister said the previous Barisan Nasional government, since 2012, had guaranteed borrowings, extended advances and provided transfers to, as well as purchased land from, TRX City, amounting to RM3.688 billion.
He said of those transfers, RM3.067 billion was misappropriated by 1MDB, mainly for its loan repayments.
“As a result of the misappropriation of funds, TRX City does not have enough money to fulfil its obligations as the master developer of TRX,” he said in Putrajaya today.
Despite this, he said, Putrajaya will press ahead with the project, injecting an additional RM2.8 billion to complete it.
“This decision will allay concerns among local and foreign investors that have put in billions of ringgit in TRX City.
“The cabinet has decided to support the TRX project, to recoup all misappropriated funds, repay all borrowings, recover all funding investments and opportunity costs, as well as potentially achieve a small surplus return,” he said, adding that cancelling the project would have “wide ramifications”.
“We cannot bear to see an eyesore of a massive abandoned project in the heart of KL.”
https://www.themalaysianinsight.com/s/55945
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2015
WE ALL KNOW WHAT CANCER DOES. IT SPREADS. Some have called 1MBD ‘cancerous’. Where will the ‘cancerous cells’ spread to next?
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The Tun Razak Exchange, TRX (previously known as Kuala Lumpur International Financial District or KLIFD) is a 70-acre development by 1Malaysia Development Berhad (1MDB) in the heart of Kuala Lumpur that is set to become a leading centre for international finance and business. TRX is a strategic enabler of the Malaysian government’s Economic Transformation Programme (ETP) which will further strengthen Kuala Lumpur’s role as the country’s financial capital, by the creation of a seamless and central business environment for financial services firms, multinational companies (MNCs) and supporting ancillary businesses.
The master plan includes a total of 26 buildings and over 21 million ft2 of total building Gross Floor Area (GFA) spread across office, residential, hotel, retail, F&B and cultural offerings.
TRX has a development period of 15 years to be completed in phases with the initial Phase 1 slated for completion in 2017/2018.
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The Master Developer of TRX is TRX City Sdn Bhd, a company wholly owned by the Malaysian Minister of Finance, Inc.
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Lembaga Tabung Haji – Mixed-Use Development
Lembaga Tabung Haji bought a 0.631 hectare piece of land in TRX for RM188.5 million in 2015. In 2017, Tabung Haji announced that its TRX development would encompass a mix of iconic and spectacularly designed apartments, serviced apartments, and other commercial developments, with a gross development value estimated at RM900 million.
https://en.wikipedia.org/wiki/Tun_Razak_Exchange
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For background into 1MDB:
1MDB (1 Malaysia Development Berhad)
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Tabung Haji: Under seige
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15 May 2015
I added a video to a @YouTube playlist http://youtu.be/NI0fS0hH5Fc?a 1MDB: PAS hantar bantahan ke Tabung Haji
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Astro AWANI 
KUALA LUMPUR: PAS will hold a massive demonstration if Lembaga Tabung Haji (LTH) chairman Datuk Abdul Azeez Abdul Rahim and its board members responsible during the LTH-1MDB deal do not relinquish their posts, The Malaysian Insider reported.
PAS Ulama information chief Datuk Dr Mohd Khairuddin Aman Razali was reported to have instructed party members to lodge a police report nationwide over the purchase of a plot of land by LTH at the 1MDB-owned Tun Razak Exchange (TRX), recently.
“We want the services of Azeez and the board members involved with the 1MDB deal to be terminated immediately. TH will not be a ‘yes-man’ to the betrayal of public funds.
“If it is not settled so we will organise a massive rally involving the public,” Khairuddin was quoted in The Malaysian Insider.
He was speaking to reporters after handing over the handing over of a memorandum to the Senior General Manager of TH Human Resources Department, Hisham Harun at the Tabung Haji compound in Jalan Tun Razak, today.
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Star
Monday May 11, 2015 MYT 7:56:34 PM
Abim members protest at Tabung Haji HQ, demand leaders step down
KUALA LUMPUR: Members of the Muslim Youth Movement of Malaysia (Abim) demanded that leaders of Lembaga Tabung Haji step down over a controversial land deal with 1Malaysia Development Berhad (1MDB).
Led by Abim president Amidi Abdul Manan, the group of less than 10 people, arrived at Tabung Haji’s headquarters at about 3.30pm on Monday.
“We urge for Tabung Haji to be cleaned of 1MDB elements and the top management involved with 1MDB to step down,” he told reporters.
He handed a memorandum with the group’s demands to Tabung Haji acting chief operating officer Adi Azwan, who came to meet them.
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Abim wants Tabung Haji ‘cleansed’ of #1MDB dealmakers http://www.malaysiakini.com/news/297963
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Free Malaysia Today
Indonesians acquire land from 1MDB
TRX statement says Mulia Group bought land for RM665 million from 1MDB.
KUALA LUMPUR: There appears to be more than meets the eye at the 70-acre Tun Razak Exchange (TRX) in Kuala Lumpur where nothing has reportedly been happening on the land.
Mulia Group president director and owner Eka Tjandranegara has been quoted as saying in a statement issued by TRX that the Indonesian company had bought land for RM665 million in TRX from 1Malaysia Development Berhad (1MDB).
The TRX statement quotes Ekra as saying that “as one of the biggest commercial property developers in Indonesia, we are excited to be embarking on this project to develop the Signature Tower to become a new landmark in Kuala Lumpur city.”
The Mulia Group, stressed Ekra, “wishes to be an integral part of this iconic state-of-the-art development not only for Malaysia but for the region and beyond”.
“We see TRX’s potential to further develop the city’s role as a financial capital, and the Tun Razak Exchange aids our growth and expansion plans.”
Ekra went on to say that he was “committed to personally seeing this project through, drawing from our vast experience”.
TRX developer 1MDB Real Estate (RE) CEO, Azmar Talib, was quoted as saying in the same statement that it was pleased to have the Mulia Group investment in TRX. “This significant investment underscores foreign investor confidence in Malaysia.”
http://www.freemalaysiatoday.com/category/nation/2015/05/13/indonesians-acquire-land-from-1mdb/
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10:00PM May 11, 2015
‘TH’s RM920.8 mil in 1MDB bond secure’
Lembaga Tabung Haji (TH) today clarified that it invested in the Bandar Malaysia Sukuk Issuance in February 2014, as it is a secured investment.
The sukuk is effectively secured against parcels of land in Bandar Malaysia with security cover of at least 1.67 times, said its Chief Investment Officer Abd Kadir Sahlan in a statement today.
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At the end of the investment periods, TH will receive total proceeds of RM1.55 billion resulting in a RM626.5 million profit, said Abd Kadir.
– Bernama
http://www.malaysiakini.com/news/298016?hootPostID=73e993fd94c7f3cd22a2251548881d2a
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Even before the dust from the TRX land deal has settled, here comes a new ‘shocker’!
Free Malaysia Today
PAS hits Tabung Haji with RM1.6bn sukuk shock
Does pilgrims fund face RM1.6bn exposure in 1MDB Bandar Malaysia bond?
KUALA LUMPUR: With the dust barely settling from the aborted Tabung Haji land deal, PAS vice-president Tuan Ibrahim Tuan Man has opened the question of whether the pilgrims fund faces exposure to RM1.6bn in risk from an Islamic bond investment.
Tuan Ibrahim, referring to leaked documents published by an anonymous blog, said it appeared that Tabung Haji had made an investment in sukuk bonds issued by the Bandar Malaysia property project of the troubled government company 1Malaysia Development Bhd.
The risk element amounted to RM1.6 billion, he said in a statement, and wanted to know: “Does this mean Tabung Haji had invested a total of RM1.6 billion in 1MDB before the controversial purchase of land from 1MDB?”
He said the document showed that 1MDB had announced its sale of RM2.4 billion in Bandar Malaysia sukuk bonds in February last year.
Tuan Ibrahim asked if that meant Tabung Haji had funded 66% of the sukuk bond issue.
“What is the status of the sukuk investment? Has it generated returns or has it been used to pay off 1MDB’s mounting debts?” Tuan Ibrahim said.
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Free Malaysia Today
1MDB mess much bigger than Tabung Haji deal
Only a half-percent problem compared to RM42bn debts, asset-stripping, wastage and losses.
By TK Chua
It took a land deal by Lembaga Urusan Tabung Haji with 1MDB to heighten our attention to the problem now brewing in 1MDB. Thanks to the land deal, there is now an avalanche of criticisms raining on 1MDB and Lembaga Tabung Haji.
My question is, why so now? What was everybody hiding under the table before this? Come to think of it, what is a RM188.5 million Tabung Haji land deal compared to RM42 billion 1MBD debts. It is a mere half a per cent problem.
To me it does not matter whether Lembaga Tabung Haji has bought the land based on commercial valuation or special deal. It does not even matter if the deal was a related-party transaction. It is all far too late and too insignificant now. We must look at the genesis of this problem. It is the way 1MDB was setup and operated. It is the way we continued to subvert our governance standard over time.
How could the government of the day sell, privatise or strip government assets and properties at its own whims and fancies? Where are the valuation, justification and approval by the proper authorities established within our governing system?
1MDB is not even a statutory body and yet prime government lands were sold to it for a song. Who ultimately own, control and manage 1MDB? Some of you may say it is the “Government of Malaysia”. Really, was the Parliament even aware of the debts incurred by 1MDB before this? Were Cabinet members and other members of administration even aware of the “worldwide investments” made by 1MDB?
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TK Chua is an FMT reader
With a firm belief in freedom of expression and without prejudice, FMT tries its best to share reliable content from third parties. Such articles are strictly the writer’s personal opinion. FMT does not necessarily endorse the views or opinions given by any third party content provider.
For more:
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ONE-UPMANSHIP
Retirement Fund Inc (KWAP) will buy a parcel of land and building at the TRX at a price more than 15% lower than that paid by Lembaga Tabung Haji (LTH).
Price? Approximately RM2,300 per sq ft.
Lembaga Tabung Haji paid RM2,774 per sq ft. for its 0.64 ha of land at the TRX.
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Pension fund to buy #1MDB land at lower cost than Tabung Haji deal: Report http://tdy.sg/1FeB0MY
…Star
KWAP agrees to buy TRX land at lower cost compared with Tabung Haji deal
New HQ: A scale model of the Tun Razak Exchange at the launch in Kuala Lumpur about three years ago. KWaP wants to be in an area where the market is, especially one that is going to be a financial centre.
PETALING JAYA: Retirement Fund Inc (KWAP) has agreed to buy a parcel of land and building that will be its new headquarters at the Tun Razak Exchange (TRX) at a price that is more than 15% lower than what Lembaga Tabung Haji (LTH) had paid for.
The heads of agreement for the purchase had been ironed out between KWAP and 1Malaysia Development Bhd (1MDB) that would see KWAP pay between RM1bil and RM1.2bil for a 40-storey building and land at the TRX in Kuala Lumpur.
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“The heads of agreement is a prelude to the sales and purchase (S&P) agreement. The terms of agreement is also tight where KWAP will only pay 10% first and the rest upon completion of the building,” said a source.
http://www.thestar.com.my/Business/Business-News/2015/05/11/KWAP-agrees-to-buy-TRX-land/?style=biz
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Malay Mail Online
PM: Tabung Haji land deal not bailout for 1MDB
KUALA LUMPUR, May 10 — Prime Minister Datuk Seri Najib Razak said today that Lembaga Tabung Haji’s (LTH) funds for Muslim pilgrims was not being used as bailout for troubled investment firm 1 Malaysia Development Berhad (1MDB).
According to Bernama, Najib, who was speaking publicly on the issue for the first time, pointed out that LTH’s latest plan to turn over the land it bought from 1MDB to the private sector was a sound commercial decision as it would see the fund earn a few million ringgit overnight.
“So, it cannot be a bailout (for 1MDB). No private company will buy over a project if it is going to lose money,” he was quoted by the national news agency as saying in Kota Belud, Sabah.
The news agency also quoted the prime minister saying that the government does not want the controversy prolonged and that the issue has been manipulated to fuel speculation that LTH was using depositors’ money to save debt-laden 1MDB.
“We do not want to continue with this controversy because it will take away a lot of our energy in terms of concentrating on some of the big programmes that we have in mind,” he reportedly said.
– See more at: http://www.themalaymailonline.com/malaysia/article/pm-tabung-haji-land-deal-not-bailout-for-1mdb#sthash.EE7ZYjlm.dpuf
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Kritis Online Malaysians then questioned why these UMNO warlords sitting in Tabung Haji looking after the jemaah’a money ? #1MDB
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Malay Mail Online
Who approved Tabung Haji’s 1MDB land buy? Kit Siang asks
KUALA LUMPUR, May 10 — Despite Lembaga Tabung Haji’s (LTH) decision to sell the plot of land it bought from 1 Malaysia Development Berhad (1MDB), the fiasco is far from over as the individual who approved the purchase in the first place should be exposed, Lim Kit Siang said.
The DAP veteran noted that Prime Minister Datuk Seri Najib Razak had reportedly told Umno leaders on Friday that he would not protect those involved in the controversy.
“If Najib had not approved the LTH’s land deal with 1MDB, then let him reveal who is the minister who had given the approval and the reasons why,” Lim said in a statement here.
– See more at: http://www.themalaymailonline.com/malaysia/article/who-approved-tabung-hajis-1mdb-land-buy-kit-siang-asks#sthash.v0JzwwNP.dpuf
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Star
Sunday May 10, 2015 MYT 12:56:40 PM
Dr Wee: Tabung Haji land deal not discussed at Cabinet
PETALING JAYA: Cabinet did not discuss the Lembaga Tabung Haji land transaction with 1Malaysia Development Berhad (1MDB), said Minister in the Prime Minister’s Department Datuk Dr Wee Ka Siong.
In a press statement on Sunday, Dr Wee said he had no knowledge of the deal and only obtained information on the issue from the media.
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Free Malaysia Today
Editor: ‘Toxic 1MDB’ the reason for Tabung Haji hysteria
Pilgrims fund could have made lots of money by building luxury apartments, says NST’s Jalil
KUALA LUMPUR: Near-hysteria about 1Malaysia Development Bhd and its current near-pariah status was blamed today for Tabung Haji’s aborted land deal in the Tun Razak Exchange financial district and a possibly lucrative investment.
Abdul Jalil Hamid, group managing editor of the New Straits Times, said the leaked news about the deal, coinciding with last week’s by-election in Permatang Pauh, had caused Malays to melatah without getting the full picture.
He said the deal had been first proposed in 2013 on an arm’s-length basis and cleared by the Tabung Haji board and investment panel.
But the revelation that it had to do with 1MDB, and the perception that Tabung Haji was paying an inflated price for 1.5 acres, had created a near-hysterical situation, Jalil said in his weekly column in the Umno-controlled newspaper, which is part of the Media Prima group.
Jalil criticised former prime minister Dr Mahathir Mohamad for calling the deal a bailout and pointed out that Tabung Haji had seen an investment opportunity for developing a luxury residential tower block on the “prime property” of 1.5 acres, with potential for making lots of money in the future.
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Malay Mail Online
‘Panicked’ solution to Tabung Haji-1MDB fiasco shows weakness, ex-minister says
KUALA LUMPUR, May 10 — Datuk Seri Najib Razak’s “panicked” response to the Lembaga Tabung Haji (LTH) land controversy has only strengthened public perception on the weakness of his leadership, former Umno minister Tan Sri Zainuddin Maidin said.
Writing in his blog, Zainuddin claimed that instead of earning admiration, the decision for LTH to sell the land it purchased just a month ago from 1 Malaysia Development Berhad (1MDB) has resulted in a loss of dignity for the federal government.
“Anyone who is not blind can see that the advice (or directive?) from Prime Minister Datuk Seri Najib Razak that LTH sells the land it bought for RM188.5 million from 1MDB had been made in a state of panic.
“A decision made in such harried fashion and out of panic does not reflect maturity of judgment but reveals the leadership’s weakness,” the former information minister wrote.
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Malay Mail Online
In reply to Umno Youth, Tabung Haji chairman admits TRX land paid in full
KUALA LUMPUR, May 9 — Lembaga Tabung Haji (LTH) chairman Datuk Seri Abdul Azeez Abdul Rahim admitted today that the fund had paid 1Malaysia Development Bhd (1MDB) in full for the Tun Razak Exchange (TRX) land plot.
Umno Youth had posed a series of questions to be answered by LTH yesterday following public outcry over an alleged bailout of 1MDB, and Azeez replied them in a statement circulated to the press this morning.
“Yes. LTH actually had asked for a lower price than the valuation, where 1MDB agreed on the condition 100 per cent payment of purchase price,” LTH said in the statement.
“In addition, 1MDB also agreed to give a five-acre plot of land as security coverage of at least 1.7 times the purchase price.”
LTH also said that the deal was made to get the best price for its investment, but admitted that it was not a standard operating practice for its ventures.
The fund also said that LTH invested in the land following professional valuations, and insisted that the high risk could be mitigated.
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Sangat memalukan dengan apa yg terjadi dgn kes Tabung Haji..Ya Allah Lindungi kami
Malay Mail Online
Siti Nurhaliza decries ‘shameful’ Tabung Haji-1MDB land deal
This is not the first time Siti Nurhaliza has offered an opinion about matters surrounding the troubled 1MDB. — Picture by Choo Choy May
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KUALA LUMPUR, May 9 — Local pop icon Datuk Siti Nurhaliza Tarudin joined the chorus of disapproval today against the purchase of land by Malaysia’s pilgrim fund from debt-laden 1Malaysia Development Berhad (1MDB), labelling the deal “shameful”.
Taking to Twitter, the singer often dubbed Malaysia’s sweetheart, expressed dismay at the controversy.
“Sangat memalukan dengan apa yg terjadi dgn kes Tabung Haji… Ya Allah Lindungi kami,” she wrote.
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This is not the first time Siti Nurhaliza has offered an opinion about matters surrounding the troubled 1MDB, which is currently under probed for allegations of impropriety.
Last month, the songstress expressed support for Tun Dr Mahathir Mohamad, who is 1MDB and the Najib administration’s harshest critic, saying in a picture of the former prime minister on her Instagram account that she will “always be with Tun”.
The photograph posted had the letters 1MDB partially seen in the background, as well as a quote from Dr Mahathir’s most recent blog post saying he was “alone” in attacking the government.
“Love u Tun & sentiasa bersama Tun… Sejarah kepimpinan Tun mengharungi pelbagai cabaran & dugaan membangunkan Malaysia hingga terkenal di mata Dunia patut kita hargai serta contohi… Tiada yang Muda Kalau tidak kerana Orang Tua… #sayaanakMalaysia #sebak,” according to a post she wrote in the April 14 post.
The caption roughly translates to, “Love you, Tun and I will always be with you. Your track record in facing trials and tribulations in developing Malaysia until it is world renowned should be appreciated and emulated… There are no young people without the elderly”.
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Jokes of the year.. 
.. kenot tahan.. so funnehh #TabungHaji #najib #jokes
It is claimed that 1MDB had sold a plot of land to Tabung Haji at 37 times its original price.
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Dr. Mahathir Mohamad
“1MDB paid RM194mil for 70 acres in the Tun Razak Exchange, but it is selling 1.5 acres to Tabung Haji for a reported RM188mil
http://www.thestar.com.my/News/Nation/2015/05/08/dr-mahathir-cancel-trx-land-purchase/
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Free Malaysia Today
Najib has 48 hours to abort LTH-1MDB deal
Alternatively, he can risk a political explosion during his meeting with Umno division leaders on Monday.
KUALA LUMPUR: The question that arises, in the wake of the controversial purchase of land by Lembaga Tabung Haji (LTH) in the Tun Razak Exchange (TRX) area from the 1Malaysia Development Berhad (1MDB), is whether Prime Minister Najib Abdul Razak can abort the deal within the next 48 hours.
Najib’s failure on this score, reads DAP elder statesman Lim Kit Siang, is to risk a political explosion when he meets Umno division leaders on Monday.
“Najib’s position as Umno President and Prime Minister has never been so fragile and precarious as now,” stressed Lim who is also DAP Parliamentary Leader and Gelang Patah MP. “He’s under attack from his own deputy, Muhyiddin Yassin, besides the relentless barrage from former Prime Minister Mahathir Mohamad.”
The deputy prime minister, he added, has been left wondering why the 1MDB Board and the CEO remain in place after all that has happened, why no one has been charged, and how the position of Najib as 1MDB adviser can continue.
Muhyiddin, noted Lim, has called for the LTH-1MDB deal to be aborted or the 1MDB scandal may explode on Umno. “Mahathir has called for the bailout to be ended.”
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Malay Mail Online
Tabung Haji CEO not involved in 1MDB land deal, chairman says
KUALA LUMPUR, May 9 — Lembaga Tabung Haji (LTH) chief executive Tan Sri Ismee Ismail had played no role in the board’s purchase of land from 1 Malaysia Development Berhad, having excused himself from the deal for fear of conflict of interest, Datuk Seri Abdul Azeez Abdul Rahim said today.
Abdul Azeez, who is LTH chairman, explained that Ismee, who is also a 1MDB director, had abstained from attending the meetings surrounding the pilgrim fund’s RM188.5 million land buy in the Tun Razak Exchange (TRX).
The LTH chairman revealed that all discussions on the deal were chaired by deputy CEO Datuk Johan Abdullah, who is also the chairman of 1MDB’s subsidiary Edra Global Energy Bhd.
“Ismee was never there. He abstained from all discussions and they were handled by Datuk Johan Abdullah,” Azeez told reporters at LTH’s headquarters here.
– See more at: http://www.themalaymailonline.com/malaysia/article/tabung-haji-ceo-not-involved-in-1mdb-land-deal-chairman-says#sthash.ry5aY4An.dpuf
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6:58PM May 8, 2015
The Tabung Haji trio with 1MDB links
#Chart Who’s who in the Tabung Haji – 1MDB links? Read more here to find out: http://www.malaysiakini.com/news/297698
Three top officials in Tabung Haji are directly involved with debt-laden 1Malaysia Development Bhd (1MDB), which raises the question of conflict of interest in a recent deal involving the two entities.
Yesterday, Tabung Haji admitted that it is acquiring a plot of land in the Tun Razak Exchange site from 1MDB for a sum of RM188 million.
This sparked controversy because it is widely known that 1MDB bought the land for the Tun Razak Exchange project from the federal government at a price that was far below market value.
Following this, Umno Youth and Umno supreme council member Saifuddin Abdullah zeroed in on the fact that this deal could be tainted by conflict of interest.
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12:17PM May 9, 2015
Take Tabung Trio to court, says Perlis mufti
The three top Tabung Haji officials directly involved with debt-laden 1Malaysia Development Bhd (1MDB) should not only resign, but must be brought to court over the recent controversial land deal, said Perlis Mufti Mohd Asri Zainul Abidin.
“If what has been widely spread is true, it is extremely distressing.
“For those who are involved, it is not enough for them to resign, but instead they should be brought to court of justice,” said the outspoken mufti on his Facebook today.
“We must hold a trial to restore the rights of the ordinary people,” he said.
He was responding to a photograph of the trio spread on the internet titled ‘Not one, but three!” in relation to news that 1MDB had sold a plot of land to Tabung Haji at 37 times its original price.
http://www.malaysiakini.com/news/297739
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Star
Saturday May 9, 2015 MYT 12:31:48 PM
Tabung Haji to sell TRX land in bid to end controvery
KUALA LUMPUR: Lembaga Tabung Haji will be selling the land it purchased from 1 Malaysia Development Berhad (1MDB).
The pilgrimage fund chairman Datuk Seri Abdul Azeez Abdul Rahim said they were acting on the advice of Prime Minster Datuk Seri Najib Tun Razak to end the controversy that has made headlines the past few days.
“We have had three offers and we will announce the decision next week,” he said in a press conference on Saturday.
Abduk Azeez said all three offers were at least RM188.5mil but they were selling to buyer who would give them RM5mil profit.
Azeez said they received the advice, and not instructions, from Najib on Saturday morning.
He said the deal would be sealed in the next two weeks.
http://www.thestar.com.my/News/Nation/2015/05/09/Tabung-Haji-to-sell-land-1mdb/
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Star
Friday May 8, 2015 MYT 10:30:11 PM
Don’t use money to bail out 1MDB, Dr M tells Tabung Haji
PETALING JAYA: Tun Dr Mahathir Mohamad has questioned Lembaga Tabung Haji over its purchase of land at the Tun Razak Exchange from 1Malaysia Development Berhad (1MDB).
“1MDB paid RM194mil for 70 acres in the Tun Razak Exchange, but it is selling 1.5 acres to Tabung Haji for a reported RM188mil.
“Is this the way Tabung Haji uses the money entrusted to it by the people?
“Its contributors had hoped that their savings would be managed for their benefit but instead it is being used to rescue 1MDB which has lost billions of ringgit,” Dr Mahathir said on his blog chedet.cc.
“It is sad that money is used to bailout 1MDB,” he added.
The former prime minister urged Tabung Haji to cancel the deal as it is over paying for the land to help pay for 1MDB’s debts.
http://www.thestar.com.my/News/Nation/2015/05/08/dr-mahathir-cancel-trx-land-purchase/
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