How can Tabung Haji sell ‘stolen’ property?

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YOURSAY 'Simply put, it was ‘stolen’ from the rakyat when it was first 'sold' to 1MDB...'

Should Tabung Haji sell hot potato TRX land?

 

Boeyks: How can Lembaga Tabung Haji sell ‘stolen’ property? Simply put, it was ‘stolen’ from the rakyat when it was first 'sold' to 1Malaysia Development Berhad (1MDB) at such a shocking low price a couple years ago.

 

Hence selling it and making a small profit in such a short time is speculation in the property business.

 

Besides, two wrongs don't make one right. The proper way is to cancel the deal and for 1MDB to return the land back to the rakyat at the original price sold, with conditions not to try this cheap trick again.

 

CQ Muar: Given the current turmoil and those controversial issues surrounding the government as well as those involving Prime Minister Najib Razak, the Tabung Haji-1MDB fiasco will have an additional impact on the economy.

 

It was indeed a raw deal on the part of Tabung Haji to make such an irresponsible venture. There is little doubt anyone will bail Tabung Haji out by purchasing the said land without incurring a loss by Tabung Haji.

 

Moreover, this will be further exacerbated by the falling ringgit and the lack of confidence from foreign investors.

 

For such an unwise and high-risk investment, those on the board and the CEO who made the decision should be immediately given the sack. They are answerable to those ordinary folks who had struggled to contribute to the pilgrim fund.

 

MinahBulat: The syariah compliant committee headed by National Fatwa Council chairperson Abdul Shukor Husi says that the deal is syariah compliant. This is in conflict with Perlis mufti Asri Zainul Abidin who said he is totally in the dark about the transaction.

 

The estate agent was right to point out that the land is in the Kampung Pandan area. Generally the Kampung Pandan-Datuk Keramat area does not really fetch a high price. Take Jalan Ampang and the turn off to Jalan Jelatek - the land price in Jalan Ampang is so much higher than in Jalan Jelatek, which hardly anyone wants to touch.

 

Vgeorgemy: Considering the very long-term nature of Tabung Haji’s services to its depositors, it is better for them keep the land and renting it as parking space for the development taking place nearby.

 

Just like what is happening in the Cyberjaya area, there will be a high-end development coming up in the area within 15 to 20 years' time.

 

Keep the land and develop it when the time comes. The returns will be in the range of 7.5 to 10 percent, which is lucrative compared to other current investments.

 

This doesn’t mean that we support Umno’s act of fleecing the bumiputera business community of their land.

 

Zappy-zapzap: Selling it at the same price that it was bought for? And incur loss from costs of sale? That's a crazy scenario. Why not ignore Najib's advice and keep for five years?

 

Vijay47: I can't understand the business wisdom here. Let us say a tin of sardines costs RM4 and for some unknown reason, a buyer pays RM47 for it. Then he wants to sell it at a profit, which would mean he has to sell it for more than RM47.

 

Now which madman would pay over RM47 for a tin of sardines costing RM4? Maybe that is why I am not a millionaire.

 

Ace: Vijay47, in your analogy, don't forget that the RM4 sardine is actually worth RM15. It was sold to a party at RM4 to enable it to make extraordinary profits. The balance RM11 is what the rakyat got shortchanged for.

 

Rakyatyangsusah: One question: why couldn't they channel the profit from the land to the rakyat instead of a company?

 

Again, the cronies are all getting rich but not rakyat. Stupid 47 percent Malaysians.

 

SemoLina: Tabung Haji chairperson Abdul Azeez Abdul Rahim did say last week that the land will be sold within a week. So what gives? Are they selling or not selling?

 

Anonymous_1391693662: Yes, what happened to the ready buyer? Have they changed their mind, or are they looking for some scapegoat? Tabung Haji, you have breached every law, and now you are in big trouble.

 

Wira: 1MDB is a vehicle for cash creation based on the future value of its concession, where cash has been strangely draining much faster than value appreciation.

 

It will be foolish of any company today to support this joke with more cash.

 

Pahatian: With such a dubious and overpriced transaction, it must be a bailout. Just admit it and don't drag unnecessary people in to try to divert attention and to save your face.


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