TRX City lodges report on funds misappropriation

A view of the The Exchange 106 currently under construction in Kuala Lumpur on June 3, 2018. - Reuters

KUALA LUMPUR: TRX City Sdn Bhd (TRXC) has lodged a police report on June 22 at Jalan Travers Police Station, Kuala Lumpur, on the transfers of TRXC’s funds to 1Malaysia Development Bhd.

In a statement, TRXC said these transfers were made based on instructions from 1MDB and were diverted from their intended use, which were for the Tun Razak Exchange and Bandar Malaysia projects.

A total of  RM3bil was transferred from TRXC to 1MDB between mid-2012 to early 2017, when it was a subsidiary of 1MDB, on the understanding that it would be subsequently repaid to TRXC.

The police report was lodged following the announcement by the Finance Minister Lim Guan Eng during a press conference in Putrajaya last week. TRXC will give its full cooperation to the Royal Malaysia Police (PDRM).