1MDB Has Transferred Ownership Of Its Lands To MOF Inc.

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BALIK PULAU, May 4 – 1Malaysia Development Bhd (1MDB), the government’s strategic development company, has transferred the ownership of all its lands, including plots of land in Air Itam here, to the Minister of Finance Incorporated (MoF Inc).

Its Chief Executive Officer, Arul Kanda Kandasamy, said that under the rationalisation plan, all the lands now came under the purview of the MoF Inc, upon the recommendation of the Public Accounts Committee (PAC).

He said the PAC had proposed the transfer of ownership of assets owned by 1MDB to companies owned by the MoF Inc, for example, the Tun Razak Exchange (TRX). “This will enable them to be developed outside the negative impression of 1MDB,” he said after the 1MDB explanation session, here today.

The ownership of the lands that had been transferred to the MoF comprised plots of lands in Air Itam, Pulau Indah, Bandar Malaysia and TRX, with their developments to be decided by the MoF Inc. Previously, the 9.5ha land in Air Itam was earmarked for an affordable housing project comprising 9,999 residential units, as mooted by Prime Minister Datuk Seri Najib Abdul Razak.

Arul Kanda said that the MoF owned 100% of the land in TRX, while the towers that were being developed had been leased out. Asserting that the MoF has never bailed out 1MDB, he said: “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.” — Bernama

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