‘Rafizi clown for calling TH investment a bailout’ Opah: The government sells prime land to 1Malaysia Development Berhad (1MDB) at a very favourable price instead of auctioning the land to reputable developers as done in Hong Kong, Dubai and Singapore.The government ends up with very little money, so it implements the Goods and Services Tax (GST) to fill its coffers.

Then Prime Minister Najib Razak appoints the Umno Baling MP as Tabung Haji chairperson. Tabung Haji buys 1MDB’s land at an inflated price, thereby depriving all Tabung Haji members of at least RM200 million in profits.

And PKR secretary-general Rafizi Ramli is a clown for pointing this out. Fantastic logic, Local Government and Housing Minister Abdul Rahman Dahlan.

Fair Comments: It is rather confusing. 1MDB is wholly owned by the Ministry of Finance (MOF), which is wholly owned by the government. A few years ago, the government sold a parcel of Tun Razak Exchange (TRX) land to 1MDB at about RM75 psf.

1MDB then revalued the land many times and borrowed RM42 billion by using this land, amongst others. A big portion of this borrowed money is still unaccounted for as of now.

A few years later – that is last week – 1MDB (equals government) sold a portion of this land to Tabung Haji at about RM2,800 psf, approximately 37 times the original purchase price.

Whether it is at a “discounted” price or not is irrelevant. What is of particular concern is why can’t Tabung Haji, which is the custodian of funds for Muslim pilgrims, be accorded the same privilege of buying the land at a deep discount – after all, 1MDB is just like the government?

It appears to me that 1MDB makes supernormal profit while Tabung Haji has been made to pay a lot of money. It seems so unfair to me. Can someone explain the rationale?

Onyourtoes Abdul Rahman, please don’t spin. The issue is not just Tabung Haji investing based on commercial or fair market valuation.

The issue is also why prime government assets were sold for a song to 1MDB, which then resells for exorbitant gains.

What kind of system are we having really, when the government can’t protect public, and Tabung Haji’s, interests?

Vijay47: We Malaysians are fortunate to again enjoy pearls of economic wisdom from Umno leaders and in particular, Rahman Dahlan, now that Umno Wanita chief Shahrizat Abdul Jalil has retired from such beneficial but onerous tasks.

Nobody can challenge Tabung Haji’s decision to invest “in real estate locally and abroad”. But members surely would want such ventures to be guided by business astuteness, which is hardly the case when Tabung Haji pays about 37 times the buying price that 1MDB forked out.

Rahman Dahlan, I think Rafizi’s holier-than-thou attitude in this instance can be tolerated when you and your cronies are making large holes in Tabung Haji’s financial position.

While you are at it, perhaps you would care to share your learned insights into other aspects of 1MDB and yes, into Shahrizat and her National Feedlot Centre (NFC) also.

Some may describe your silence as emulating Najib, and unkinder ones may allege that in keeping with true Umno spirit, you are evading the issue.

Of course, you and Tabung Haji chairperson Abdul Azeez Abdul Rahim may demand that non-Muslims keep out of Tabung Haji affairs.

Wsoi: Mr Minister, show data to support it’s a good buy. Tabung Haji’s internal assessment revealed high risks, then at least they should have bargained for a better price.

It’s at least RM500/sq ft higher than the highest price of the latest land transaction in the nearby area. If that’s not a bailout, then it’s a stupid investment.

If it were your own money, would you buy it?

Bystander: If Tabung Haji is seeking good returns from development projects, they could easily apply to the government for a piece of land valued at maybe 100 percent more than 1MDB’s, which works out to RM150 per sq ft instead of now having to pay more than RM2,600 per sq ft for the TRX land.

We Malaysians have no qualms if the government were to grant this land to help this religious foundation.

NNFC: Indeed, it looks like precious land has been sold at way below market prices to 1MDB, and they turn around to sell the land at huge profits.

This is the people’s land, and the wealth has just been siphoned out to 1MDB under our noses.

Bad Head: Abdul Rahman, would you buy a car for RM100,000, which is actually only worth RM70,000?

Three times a loser in TH’s land deal
1MBD’s cancer spreads to Tabung Haji

 

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