Malaysiakini - How Mara lost RM60m in property deal Down Under (extracts):
![]()
Majlis Amanah Rakyat (Mara) paid A$41.8 million (about RM138 million) for a US$2 shell company in the Caribbean which claimed to have an interest in a building in Melbourne, Australia.
Using an intricate web of paper transactions and companies incorporated in the British Virgin Islands (BVI), millions changed hands through a sale and purchase agreement, apparently with the assistance of people with vested interests in the deal.
It took two other deals to finalise the purchase, which was clouded by a maze of transactions executed through BVI companies by several Malaysians, including former Mara officials.
Malaysiakini and the Melbourne-based Fairfax Media have obtained explosive documents which paint a picture of deceit and fraud in which Mara’s interests have been seriously compromised, leaving the agency, set up to help poor Malays, to lose millions.
Using an intricate web of paper transactions and companies incorporated in the British Virgin Islands (BVI), millions changed hands through a sale and purchase agreement, apparently with the assistance of people with vested interests in the deal.
It took two other deals to finalise the purchase, which was clouded by a maze of transactions executed through BVI companies by several Malaysians, including former Mara officials.
Malaysiakini and the Melbourne-based Fairfax Media have obtained explosive documents which paint a picture of deceit and fraud in which Mara’s interests have been seriously compromised, leaving the agency, set up to help poor Malays, to lose millions.
To cut the story of the scam short, MARA paid A$41.8 million (about RM138 million) for a shell company in BVI which supposedly included a 12-storey building in Melbourne, but which the shell company in BVI only brought FIVE MONTHS later after the deal was signed with MARA, and which (the 12-storey building) cost only half of what MARA had paid, to wit, A$23.5 million (about RM77.6 million).
MARA kena chong kau kau.
And more, the A$41.8 million (about RM138 million) for a non-existent building at time of purchase (only realised FIVE MONTHS later) was based on a valuation by a Malaysian-based chartered surveyor and valuer, and included as an annexure to the sale and purchase agreement between seller and MARA.
There is a Cantonese word for MARA in the purchase - if I make a mistake can Cantonese-fluent visitors correct me please. The word is 'Chu'n' meaning 'bodoh sangat'. Penangites would say in Hokkien 'Tai siow', wakakaka.
![]()
The report added that the granting of the contract was done without obtaining prior approval from the Finance Ministry.
The project did not go through detailed planning before it was awarded to Muhibbah Viccana JV (MVJV) on Dec 16, 2016.
The report said four of the five procurements under the project were done through direct negotiations, when they were supposed to be done through an open tender.Again, where's the 'check and balance'?
MARA kena chong kau kau.
And more, the A$41.8 million (about RM138 million) for a non-existent building at time of purchase (only realised FIVE MONTHS later) was based on a valuation by a Malaysian-based chartered surveyor and valuer, and included as an annexure to the sale and purchase agreement between seller and MARA.
There is a Cantonese word for MARA in the purchase - if I make a mistake can Cantonese-fluent visitors correct me please. The word is 'Chu'n' meaning 'bodoh sangat'. Penangites would say in Hokkien 'Tai siow', wakakaka.
Who approved the purchase?
But where's the 'check & balance'?
Who's the Malaysian-based (Malaysian-based and not necessarily Malaysian) chartered surveyor and valuer? Jho Lo? Wakakaka.
But if you think that's bad, please read the A-G's report on Rambo and The Wild West over at Bintulu Port Authority inNo Ministry approval in Bintulu Port Authority RM1.4bil deal (extracts):
The Bintulu Port Authority (BPA) granted a RM1.4bil supply base dock project to a construction company via direct negotiation, according to the Auditor-General's Report 2016 Series 2.
The report added that the granting of the contract was done without obtaining prior approval from the Finance Ministry.
The project did not go through detailed planning before it was awarded to Muhibbah Viccana JV (MVJV) on Dec 16, 2016.
The report said four of the five procurements under the project were done through direct negotiations, when they were supposed to be done through an open tender.Again, where's the 'check and balance'?
We cannot afford to wait for the A-G's report because by then, nasi 'dah jadi bubur. It'll be f-too late.