Umno owns assets and property across the country worth billions of ringgit and they should be utilised to continue mobilising the party.

Umno presidential candidate Tengku Razaleigh Hamzah said that the assets and property should be collected and re-examined to determine how they could be invested to generate better returns.

"Umno has a lot of assets not only at the headquarters (level) but across the country, including shares and other properties. Most of them are in Kuala Lumpur not only at the Umno headquarters but the land we bought in housing schemes and others. I am clearly aware of this, each division has its office and it is located in a strategic area whose value is certainly increasing from year to year.

"When I was Umno treasurer, many (tracts of) land in Bangsar, Kuala Lumpur were owned by Umno and every one square foot in Bangsar today is worth not less than RM1,000. I think that if every building is worth RM50 million, imagine what the buildings nationwide are worth in total.

"Still, how well they can be managed and how they can be reinvested in investments that can bring good returns to the party, if it can be done (collect all the information), god willing, we have the opportunity to make more money than we expect," he said.

He said this to reporters after a Friendly Session With Umno Presidential Candidate Tengku Razaleigh Hamzah event in Seremban today.

He was commenting on the decision of Umno to end the distribution of monthly allowances to all its divisions and wings across the country.

Commenting further, he said, however, most of Umno's assets were registered in the names of the trustees who were appointed to high posts by the party.

"Many of these properties are registered under the names of party-appointed trustees. When the individuals were replaced in new elections or appointments and so on, sometimes the names of the trustees were not changed," he said.

He also urged Umno to openly apologise to the people on issues that had led to Umno's defeat in GE14.

- Bernama