MACC raids Felda Investment Corp’s office

(MMO) – The Malaysian Anti-Corruption Commission (MACC) raided today the office of Felda Investment Corporation (FIC) that is currently under investigation for the purchase of a high-end London hotel.

The Star Online reported that officers from the anti-graft agency arrived at Balai Felda here at about 10.20am.

MACC chief commissioner Datuk Dzulkifli Ahmad said last Friday that based on the MACC’s initial reports, FIC’s purchase of Park City Hotel in Kensington, London, was above market price, causing millions of ringgit in losses to the investment arm of government agency Felda.

Earlier this year, Felda chairman Tan Sri Shahrir Abdul Samad announced that the corporation will be selling off some shares it had in public-listed companies and several properties it owns in London as part of its cost-cutting measures.

The four-star Park City Hotel in Kensington, London was reportedly bought for £98 million (RM543 million) in 2014.