Saturday, 11 July 2015

MARA Inc. Let Rafizi Swallow His Own Words

Pandan MP, Rafizi Ramli in the Malay Mail Online, urged the authorities to investigate a Malaysian businessman making a profit of RM51 million from the sale of real estate Melbourne to MARA Inc, a subsidiary of MARA. The businessman known as Datuk Ding Pei Chai as an individual who sells two Singapore companies owned 333 Exhibition Street and Queen Street properties in Melbourne for MARA Inc.

What is his problem with Malaysian businessmen obtained profit of RM51 million on the sale of two hotspot properties in Melbourne? Minister of Rural and Regional Development Datuk Seri Shafie also defended the purchase of four properties by the subsidiary of Majlis Amanah Rakyat (MARA) , MARA Inc. According to him, the purchase is lower than the current value of the property involved and bring benefits to MARA Inc. He said the process of purchasing real estate is also in accordance with the procedures set including real estate valuation appointed the Raine and Hourne International.

Apart from the Raine and Horne International as a panel of valuers, MARA Inc also appoint some other firm as their appraisal. Firms comprised Deloitte & Touche (financial due diligence), HSB Consulting Pty Ltd and Napier & Blakeley (technical due diligence) and Messrs Abdul Malik & Lawrence Tan (legal due diligence). So, transparent as it claims Rafizi Ramli definetely not an issue.

Datuk Shafie also confirmed in the press conference that the current value of investment properties MARA Inc in Australia has increased by RM45 million. He said the purchases made in 2012 and 2013 is somewhat less than the market price. In addition there is also the advantage of AUD100,000 returns every month. No loss and no doubt about buying this properties in Melbourne.

If MARA Inc gained RM45 million in revenue on the purchased at below market price and returns profit of AUD100,000 each month while the seller gained profit of RM51 million from the sale of those properties seems to be a win win situation. Rafizi seems to have nothing else to say about those purchased properties and have to swallowed his own words on the baseless accusations he made to MARA.

Shame on you again Rafizi Bin Ramli!

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