Wednesday, May 6, 2015

A new deal for Malaysia - TABUNG HAJI and 1MDB

Tabung Haji the pilgrims fund that manages billions of ringgit of depositors money appears to be bailing out PM Najib's scandal ridden sovereign debt fund 1MDB.

Tabung Haji has entered into a deal to purchase 2 plots of TRX land from 1MDB for a total sum of RM772 million cash. Tabung Haji is using depositors money and not government funds.

According to a set of documents made available to us, Tabung Haji is believed to have paid a whoppingRM2,860 per square feet (RM194million) for the first plot of land. Little birds in Tabung Haji confirmed it was a fast-track deal which gained the Minister's approval in less than two weeks and that the money has been paid to 1MDB in full, as demanded. (see documents for details)

For the second plot of land in the same TRX vicinity Tabung Haji has agreed to pay RM3,900 per square feet(RM578million) in cash. Don't bother about the 'Signature Tower', its just a  

In both deals the risk analysis by experts in Tabung Haji is self evident (see documents). 

Despite the high risk and a looming property and office space glut in Kuala Lumpur, Tabung Haji seems to be twisted into pumping cash into 1MDB for land which was initially owned by the Government.

1MDB, as exposed recently by former Prime Minister Dr Mahathir Mohamad, is believed to have been awarded the large track of Government owned TRX land in Jalan Tun Razak at a dirt cheap rate of RM60 per square feet.  

1MDB is also believed to have paid a slightly higher rate of about RM90 per square feet for the Sungai Besi RMAF airport/ base land. 

Why is Tabung Haji now paying an average of between 48 to 65 times more for the same piece of Government land with the poor depositors money? 

Basically 1MDB got Plot 1 for RM4 million from the Government and now Tabung Haji is paying RM194 million.

For Plot 2, 1MDB got it for a mere RM8.9 million and Tabung Haji is buying it at RM578 million.

Is it halal or haram? 

The Government led by Prime Minister Datuk Seri Najib Tun Abdul Razak appears oblivious to such massive scams in government and government agencies but would Tabung Haji depositors rise to put a stop to such blatant abuse of their hard earned money? 

The full set of the documents is appended below.

From the Benchmark

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