Bank Negara said to have overpaid for land bought from MoF

Although the transaction was concluded at RM703.44 per sq ft (psf), a source said the special-purpose vehicle (SPV) created by the MoF to undertake the transaction had initially wanted

PETALING JAYA: Bank Negara is believed to have overpaid for the land it had bought from the Finance Ministry (MoF) when it forked out RM2.066bil for the 67.41 acres, proceeds which subsequently went to service 1Malaysia Development Bhd’s (1MDB) debt obligations.

Although the transaction was concluded at RM703.44 per sq ft (psf), a source said the special-purpose vehicle (SPV) created by the MoF to undertake the transaction had initially wanted “a four-figure on a psf basis”, but the price was eventually negotiated down.