Property Purchase In Australia Profitable - Malaysian Minister

BANGI (Selangor, Malaysia), July 7 (Bernama) -- The purchase of properties in Australia by Mara Incorporated Sdn Bhd (Mara Inc) was made at lower prices than the current value of the properties, said Malaysian Rural and Regional Development Minister Mohd Shafie Apdal. He said the property purchase in Australia was carried out according to the procedure including the valuation of the property by international companies. "As such, Mara Inc is not afraid of any allegation and will furnish all information required by the investigating parties. I understand the transactions were made according to the set procedure. "Mara Inc will provide information to all authorities including the Malaysian Anti-Corruption Commission (MACC)," he told reporters when asked to comment on the purchase of properties by Mara Inc in Australia, here Monday. Mohd Shafie also refuted the allegations by certain parties that the assets were bought at much higher prices. He said the property at 746 Swanson Street, Melbourne, was bought by Mara Inc on Aug 28, 2012 at a valuation of AUD43 million (RM123 million) and was transacted at AUD41.8 million (RM119.72) and it was valued at AUD47 million (RM143.62 million) in December, 2014. The Dudley International House which had a valuation of AUD26 million (RM74.46 million) was purchased at AUD22.6 (RM64.72 million) on Feb 25, 2013 and valued at AUD27.95 (RM80.04 million) in December, 2014, he said. The property at 21 Queen Street was valued at AUD23 million (RM65.86 million), bought at AUD21.3 million (RM60.99 million) and valued at AUD24.1 (RM69.1 million) in December, 2014. Mohd Shafie said Mara Inc would wait until the investigation by the MACC was completed before taking further action as Mara Inc could not act based on allegations. Australian newspaper, The Age, recently reported a high-ranking Mara officer, a senior officer and a former politician were involved in overbidding in the purchase of a block of building in Melbourne, with the difference as bribe back home. Mara Inc was formed as an investment arm of a Malaysian government agency, Majlis Amanah Rakyat (MARA) to carry out strategic investments and commercial activities. --BERNAMA