‘Mara overpaid for three properties in Melbourne’

KUALA LUMPUR: Mara Inc has overpaid by A$19.1mil (RM66.2mil) for three properties purchased in Melbourne, claimed National Oversight and Whistleblowers (NOW).

After exposing two of the four controversial purchases, NOW executive director Akmal Nasir revealed in its latest findings that Mara (Majlis Amanah Rakyat) had overpaid about A$5.35mil (RM18mil) for the 51 Queen Street property it purchased in March 2013.

The three alleged controversial properties were Dudley House apartment, 333 Exhibition Street and 51 Queen Street properties.

On Tuesday, NOW also revealed that Mara Inc had bought a property on 333 Exhibition Street for A$31mil, although its market value was only A$22mil some six months prior to the purchase.

Last week, Australian daily The Age reported that top Mara officials overpaid A$4.75mil for the Dudley House apartment block in 2013, with allegations that kickbacks were offered to selected Malaysian officials.

“The purchase of the properties was made using the same method as the purchase of the Dudley House where the price paid by Mara Inc was far higher than the market value,” said Akmal in a press conference yesterday, questioning whether the fourth property, 746 Swanston Street, which it purchased for A$41.8mil (RM138.6mil), was also overpaid.

“It was impossible for the price of properties to increase to such an amount within three months for 51 Queen Street and six months for 333 Exhibition Street,” he said, adding that the details of the purchase could be found at www.quintessential.com.au.

He also alleged that the buildings were sold by Quintessential Group of Companies to an unnamed buyer before it was sold to Mara.

“Tan Sri Annuar Musa (Mara chairman) should immediately release information about the unnamed buyer. Who are they? The people want to know,” he said.

He also urged the police and the Malaysian Anti-Corruption Commission (MACC) to investigate the matter.

Annuar had said that it was proper for NOW to report to the MACC instead of going to the press.

He is expected to address the press today.