Khalid sold 1,172 acres land below market for kickback?: PKNS: Intrigues of street-ruled government (Part 9)T...

Khalid sold 1,172 acres land below market for kickback?: PKNS: Intrigues of street-ruled government (Part 9)T...

Published: Saturday March 29, 2014 MYT 12:00:00 AM Updated: Saturday March 29, 2014 MYT 6:47:49 AM Khalid caught off guard Selangor Mentri Besar Tan Sri Khalid Ibrahim has always prided himself on being one up on the state’s previous administrators because of his background as an investment banker. He has time and again said that his experience in the corporate world has been useful in dealing with developers wanting a piece of the action in the abundant land held by the state. However, a deal that the state had entered into with Tropicana Corp Bhd in April last year has caught the mentri besar flat-footed. Under the transaction, Tropicana acquired 1,172 acres from the state for RM1.3bil to be paid over 20 years as the land is being developed. Under the terms of payment, Tropicana had to fork out RM50mil as deposit and make two advance payments over a period of six months....

Full article: http://anotherbrickinwall.blogspot.com/2014/03/khalid-sol...

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