EXCLUSIVE | Majlis Amanah Rakyat (Mara) paid A$41.8 million (about RM138 million) for a US$2 shell company in the Caribbean which claimed to have an interest in a building in Melbourne, Australia.
Using an intricate web of paper transactions and companies incorporated in the British Virgin Islands (BVI), millions changed hands through a sale and purchase agreement, apparently with the assistance of people with vested interests in the deal.
It took two other deals to finalise the purchase, which was clouded by a maze of transactions executed through BVI companies by several Malaysians, including former Mara officials.
Malaysiakini and the Melbourne-based Fairfax Media have obtained explosive documents which paint a picture of deceit and fraud in which Mara’s interests have been seriously compromised, leaving the agency, set up to help poor Malays, to lose millions.
The documents reveal that:
- Despite having no legal interest in the property, Scarlett Nominees
Ltd entered into an agreement with Mara Incorporated (Mara Inc) to
“sell” a BVI company, Thrushcross Land Holdings Ltd, which “purported to
own the property” – UniLodge at 746, Swanston Street, Melbourne.
- The agreement was signed on Aug 28, 2012. Within a
week, Mara Inc paid 10 percent of the purchase price. By end of
November 2012, Mara Inc had paid Scarlett a total of A$41.8 million for
BVI shell company Thrushcross, which supposedly includes UniLodge.
- On Jan 16, 2013, Thrushcross paid actual UniLodge
owner HRSV Pty Ltd A$23.5 million for the 12-storey building and it was
transferred to the BVI company.
- The sale was transacted for A$23.5 million (about RM77.6 million),
but Scarlett had five months earlier “sold” Thrushcross (which did not
own UniLodge at that time) to Mara Inc for A$41.8 million (about RM138
- The A$41.8 million (about RM138 million) was based on a valuation
by a Malaysian-based chartered surveyor and valuer, and included as an
annexure to the Thrushcross sale and purchase agreement between Scarlett
and Mara Inc.
- Until the official transfer took place on Jan 16, 2013, at all
material times the owner of the property was HRSV. This means
Thrushcross had no legal ownership of the property prior to the January
transfer. Neither did Scarlett.
- While it is said that Thrushcross belongs to Mara Inc after its
sale, the transfer of the land agreement with HRSV was signed by two
Malaysians who had nothing to do with Mara Inc, who gave the same
residential address in Melbourne.
- On July 19, 2013, two then top officials of Mara Inc mortgaged the property to raise money to buy another property in Melbourne – Dudley House, which is now the subject of an investigation for fraud, corruption and money laundering.
Read more at https://www.malaysiakini.com/news/403692#z7c7itrAUUPHmeOO.99