MARA’s third Melbourne property purchased above market rate, oversight body claims
(MMO) – Majlis Amanah Rakyat (MARA) Inc had overpaid for a third Melbourne property by RM18 million, National Oversight and Whistleblowers (NOW) alleged today in its third expose on the controversy, adding that the additional payment was believed to be used as kickbacks for the agency’s officials.
Referring to documents from the Quintessential Group of Companies (QGC), the original owner of the 51 Queen Street property, NOW director Akmal Nasir told a press conference that the building was priced at A$8.2 million (RM23.69 million) in 2010 before it was sold off to an unnamed company three years later for A$16.65 million (RM48.11 million).
“Then in March 2013, MARA Inc bought the 51 Queen Street building from an unnamed party for A$22 million or RM70.4 million.
“This purchase is A$5.35 million or RM18 million more expensive than the price purchased from QGC.”
