BALIK PULAU: 1Malaysia Development Bhd (1MDB), the government’s strategic development company, has transferred ownership of all its land, including plots in Air Itam here to the Minister of Finance Incorporated (MoF Inc.).
Chief Executive Officer, Arul Kanda Kandasamy said that under the rationalisation plan, the land now came under the purview of the MoF Inc. upon recommendation of the Public Accounts Committee (PAC).
He said the PAC had proposed the transfer of ownership of assets owned by 1MDB, for example the Tun Razak Exchange, to companies owned by the MoF Inc.
“This will enable the assets to be developed outside of the negative impression of 1MDB,” he said after the 1MDB explanation session here today.
The ownership of the land transferred to the MoF also comprises plots in Pulau Indah, Bandar Malaysia and TRX, with the developments there to be decided by MoF Inc.
Previously, the 9.5 ha land in Air Itam was earmarked for an affordable housing project comprising 9,999 residential units as mooted by Prime Minister Datuk Seri Najib Tun Razak.
Arul Kanda said the MoF owned 100 per cent of the land in TRX, while the towers being developed had been leased out.
Asserting that the MoF had 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.”
Meanwhile, Arul Kanda expressed his disappointment over the absence of members of the opposition at his public session to clarify issues pertaining to 1MDB.
He said no one from the opposition attended his explanation campaign which started in Subang Jaya, followed by another in Shah Alam and Sungai Siput (yesterday) even though invitations were extended.