MARA Inc overpaid for properties in London and Melbourne in 2013 and 2014, Finance Ministry did not approve purchases, says PAC
This was one of the findings presented by the PAC in the Dewan Rakyat today, with Mas Ermieyati informing that the overvalued property purchase in Melbourne had already been investigated by the Malaysian Anti-Corruption Commission and is currently ongoing in court. The PAC’s findings and recommendations regarding the management of MARA Inc were the result of three proceedings held on July 30 and 31, and September 19.
Thus, PAC recommends that KKDW, MARA, MARA Corp, and MARA Inc ensure Premiera Hotel has a clear plan to ensure the debt-to-equity conversion helps generate returns for the sustainability of the company.
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