GUAN ENG SHOWS FIRM HAND ON 1MDB DESPITE INTENSE PRESSURE FROM NAJIB & CO: ALL LAND DEALS RELATING TO 1MDB IN PENANG TO STAY FROZEN

GEORGE TOWN  – All land transactions involving the Federal government-owned 1Malaysia Development Bhd (1MDB) in Penang remains frozen, said Penang Chief Minister Lim Guan Eng.

This will stay in place until 1MDB clarifies the ownership of some 234 acres of land it said it bought in Air Itam, Lim told reporters today.

Two years ago, Lim highlighted that records showed 1MDB only secured 20% or 23.47 acres (9.5ha) of some 116.89 acres of freehold land it purchased jointly with other buyers in Air Itam in 2013 for RM1.06 billion.

At the time, he said this was because the state government could not locate any state records to show the remaining 117.1 acres of the total 234 acres that 1MDB claimed to have purchased in Penang.

Today, Lim maintained that all transactions relating to 1MDB are frozen until the Ministry of Finance-owned entity clarifies its land ownership.

“We have asked 1MDB to explain to us several times but they have not done so till now,” he added.

His statement came following Prime Minister Datuk Seri Najib Razak’s announcement two days ago that 1MDB would transfer the equity of four pieces of land to the Ministry of Finance Inc. He said it planned to transfer the Air Itam land equity by Dec 31, 2017.

– http://www.theedgemarkets.com

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