KUALA LUMPUR: A 2017 valuation of Merdeka Palace Hotel and Suites in Kuching, bought by Felda Investment Corporation Sdn Bhd (FIC) at RM160mil three years earlier, found that the property was worth just half the price that the Felda investment arm had paid for, the High Court heard.
C H Williams Talhar Wong and Yeo Sdn Bhd, appointed by FIC board of directors in 2017 to revaluate the property, put its then-current value at just RM80mil, according to FIC chief financial officer Azlan Mohamed Ismail.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
