30 Mar '17, 5am

Fact news

1. The TRX and Bandar Malaysia lands were originally owned directly by the government. The government made a decision to sell the lands in 2010 and 2013 respectively, to 1Malaysia Development Berhad (1MDB), a holding company 100 percent owned by MOF Inc. 1MDB in turn owned the lands via its 100 percent equity shareholding in two subsidiary companies, ie TRX City Sdn. Bhd. (TRXC) and Bandar Malaysia Sdn. Bhd. (BMSB). 2. It is clear that from the above transactions, the government ownership of the lands shifted from direct to indirect ownership, via MOF Inc ultimate ownership of 1MDB and its subsidiary companies. 3. Although the Bandar Malaysia land was sold at a nominal sum to BMSB, there was a responsibility to construct/upgrade six bases for the Royal Malaysian Air Force (RMAF) and two bases for the Royal Malaysian Police (PDRM), for a total development cost of RM 2.7 bil...

Full article: https://bigdogdotcom.wordpress.com/2017/03/30/fact-news/

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