FREE YOURSAY ‘Next time if you can't sell your land,, you can go to Tabung Haji.’
TH to sell land from 1MDB on PM's advice
Vijay47:
Tabung Haji chairperson Abdul Azeez Abdul Rahim, once again I stand humbled in the face of your business-related brilliance, worthy of attention from the London School of Economics and other amateurs in the industry.
In one fell swoop, you have within days made a cool yet-to-be-disclosed profit. If I may be allowed to make a small suggestion to experts like you, I would advise that you sell the land to government.
You bought the half-hectare for RM188 million and I am sure that Najib, the driving force in the Ministry of Finance, would graciously agree to buy the land for RM684 or any other amount you would care to propose.
With that single move, it would be, as you no doubt would say, a win-win situation - there would be no conflict of interest, Tabung Haji will more than get its money back, and wannabee hajis can happily make their pilgrimage.
Just a small question: Why did you buy the land in the first place?
Sabahan: The rakyat does not want 1Malaysia Development Berhad (1MDB) to sell the land as it is not a land broker. If the intention is to sell Tun Razak Exchange (TRX) piecemeal, then 1MDB should return the land to the government. The government can sell the land instead.
Rupert16: If there are a number of interested parties to buy the 1MDB land, and at a higher price than that paid by Tabung Haji, as claimed by Abdul Azeez, why didn't 1MDB sell the land directly to these interested parties in the first place? Something is fishy here.
Ipohcrite: There is a theory on why Tabung Haji is re-selling the land and not cancelling the deal with 1MDB, which goes like this:
Tabung Haji has the ready money to quickly (urgently, if you like) pay to 1MDB to avoid it from defaulting on its bank interest payments.
Cancelling the deal with 1MDB now is a no-no since it would defeat its original objective of laying its hands on the much needed cash to pay off the banks.
Tabung Haji can afford to wait as long as it takes to get its money back when the re-sale is done. Call me gullible, but I kind of like this theory, a lot.
Mah Kau Fan: Several interesting observations:
1. How did the deal originate? Did Tabung Haji go looking for this plot of land or did 1MDB made a proposal to Tabung Haji?
2. The Benchmark blog disclosed documents that two pieces of land were involved. It was interesting to note what Tabung Haji said about the second plot - that the documents were not proof that the transaction had taken place. They did say that the documents were false or a forgery. Why?
3. I see there are many board members, it is incredible that none of them could see the implication of the deal when brought forth for consideration. How do they serve the interests of the contributing pilgrims if indeed none could see risks of the venture or having seen the risks fail to object?
As Azeez said, it would have only taken just one board member to object to kill the deal. I think the entire board has failed the members of Tabung Haji. All should do the honourable thing and resign.
Jefflim118: All Malaysians should thank the whistleblower for highlighting this shady transaction. If this did not surface, I'm pretty sure there are people would have pocketed millions, beside 1MDB.
No one in the present market would have paid such an enormous price, which is way above the market's prevailing rate.
Tholu: The stinking and nauseating smell of rotten fish from Tabung Haji and 1MDB is all-pervading and knocking out the contributors to Tabung Haji fund and the general public alike unconscious.
And all the protagonists in this mega ‘sandiwara’ are putting up a grand show of piety and scrupulousness as if they have the interest of the people at heart.
If these business transaction details had not leaked out, it would have been secretly pursued and only God would have known how many of the people involved in this scandal would have added on to their already swelled illegally acquired and accumulated wealth.
SteveOh: So that's how business is done and decisions are made. The one phone call modus operandi sure beats all the other methods adopted by the world's best practices in making investments decisions on what and when and whether to invest or divest.
No need for all those qualified investment advisers with fancy MBAs to advise the decision-makers.
Which white-knight company or individual has offered to buy something that the Tabung Haji is now divesting? Three offers to sell a multibillion ringgit piece of dirt is a world speed sale record.
And Tabung Haji will make a profit? Now that's another record since investment in real estate often is a long-term investment.
And I didn't know that the "sentiments and sensitivities of depositors" can reverse decisions. Perhaps the depositors of the Employee Provident Fund (EPF) have no similar sentiments and sensitivities.
The plot thickens. It won't be the last we will hear of this latest scandal. A few more moves and it will be checkmate for someone in the political chess game.
Negarawan: Instead of freezing the assets of the culprits behind the multibillion losses in 1MDB and recovering a significant part of the losses from the frozen assets, the Umno government is sucking more money from the rakyat to cover 1MDB losses.
If a through audit is done, it is very likely that the culprits have billions worth of hidden assets overseas, possibly in the United States, Kazakhstan, and Switzerland.
How much is Umno paying 1MDB CEO Arul Kanda Kandasamy to come up with irresponsible schemes like the Tabung Haji land purchase? What's next? EPF?
What has the minister of no integrity Paul Low has to say? Still enjoying gaji buta?
Voice: Next time, if you can't sell your land at a high price, you can go to Tabung Haji. Either Tabung Haji can buy your land at an inflated price or they can look for good buyers in very short time.
The clowns now seek to blame non-Muslims
Did TH buy 1MDB land on PM’s advice, too?
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