PETALING JAYA: The Employees Provident Fund’s (EPF) purchase of the 2,330 acre (943ha) land from Aset Tanah Nasional Bhd (ATNB) was done at an arm’s length basis. The EPF said that it has no knowledge of any subsequent arrangements between the Malaysian Rubber Board (MRB) and ATNB as raised by Primary Industries Minister Teresa Kok. “The RM2.28bil purchase price was reflective of the fair market value of the land, given its prime location between Kota Damansara and Sungai Buloh. The EPF purchased the land in 2011 via its wholly-owned subsidiary Kwasa Land Sdn Bhd from ATNB, a special purpose vehicle (SPV) of the Finance Ministry. She said the land was subsequently bought by Kwasa Land for a consideration of about RM2.28bil, resulting in a RM800mil shortfall.

Source: The Star January 03, 2019 13:18 UTC