A PIECE of real estate belonging to Felda Global Ventures Bhd is believed to have changed hands under peculiar circumstances in 2015, Berita Harianreported today.
The property, valued at more than RM200 million, is believed to have been transferred during former FGV chairman Abdul Isa Samad’s tenure, which ended this year.
Quoting sources, Berita Harian said the transactions involved seven towers, including Felda’s iconic development, Kuala Lumpur Vertical City (KLVC).
The newspaper said that a check with Kuala Lumpur City Hall showed that Menara Felda has already been approved for development. The development includes a 68-storey office building, covering 59 floors of office space, parking area, a roof top garden and a helipad.
Citing sources, Berita Harian said the company appointed by Felda Investment Corporation Sdn Bhd (FIC) on June 3, 2014, was given full power of attorney to develop it.
The development, however, was only revealed to the FGV board of directors three months later on September 2 for backdated approval.
“It is confusing from a administrative perspective as the FGV board of directors do not know who made the decisions – FIC or FGV – as the same people are in both companies.
“FGV issued power of attorney for the developer but the land was later transferred to the company in December 2015,” said the source.
FGV has not made any announcements to Bursa on the transfer.
The newspaper said that another piece of land – Felda’s old headquarters, Anjung Felda and Wisma Felda – had been transferred to a company linked to a major developer on July 21 last year.
The information was obtained from the Kuala Lumpur Federal Land and Mines Department, said Berita Harian.