FIC's hotel purchase was way above market price, says witness

  • 📰 fmtoday
  • ⏱ Reading Time:
  • 31 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 72%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

Azlan Mohamed Ismail says a revaluation in 2017 revealed that the hotel, bought for RM160 million, was valued at about RM80 million. FMTNews

KUALA LUMPUR: The High Court in the corruption trial of former Felda chairman Isa Samad was told today that a hotel in Kuching was purchased at about 50% above market price.

He said the new Felda board, chaired by Shahril Abdul Samad, had called for the revaluation following claims that it was purchased at an inflated price.FIC purchased the hotel in 2014 for RM160 million, reportedly without mandate from its parent body. Azlan, the fourth prosecution witness, said a tender exercise by Saville Sdn Bhd last year showed the hotel was valued at RM77.5 million.

Earlier, Isa’s lawyer Salehuddin Saidin objected to the revaluation report in Azlan’s witness statement, saying his client is facing criminal charges as a result of not obtaining approval from Felda.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines