Bond money never reached TRX City

Tallest building: Part of Mulia Group’s Exchange 106, which will be Malaysia’s tallest skyscraper when completed. 1MDB investigations and the new Government’s review of the previous administration’s projects are casting a pall over the TRX project.

PETALING JAYA: TRX City Sdn Bhd never got the money it was supposed to receive from the US$3bil that was raised in 2013, although different statements in 2013 said that money would be used to develop the 70 acres of land.

Instead, TRX City, the property arm of 1Malaysia Development Bhd (1MDB), had to carve out land parcels to sell in order to fund its infrastructure which cost about RM3bil.