Ayer Itam land still under 1MDB due to caveat, Penang chief minister says

10-Aug-2018 Intellasia | Mlalay Mail | 6:02 AM Print This Post

Penang Chief minister Chow Kon Yeow disclosed today that sovereign investment fund 1Malaysia Development Bhd (1MDB) is still the registered owner of a 94.7-hectare piece of land in Ayer Itam despite its sale to another company.

He explained that the transfer of ownership was not completed because the state government has imposed a caveat to prohibit any sale or transfer of the lands belonging to 1MDB.

“The letter stated that IMDB RE (Ayer Itam) Sdn Bhd had changed the company name to Ayer Itam Properties so they requested for the land to be transferred to Ayer Itam Properties.

“So, the state has not transferred the lands to the new company name,” he told the state legislative assembly here, in response to an oral question from Air Itam backbencher Joseph Ng Soon Siang regarding the status of the 1MDB lands in his constituency.

Chow explained that the Penang Land and Mines Department received an application dated April 14 for the lands to be transferred to Ayer Itam Properties Sdn Bhd.

He also said as at June, the Penang Island City Council did not receive any planning permission applications for the three plots of lands.

Last month, Finance minister Lim Guan Eng revealed in a parliamentary reply that the 1MDB lands were sold to a Cayman Islands-based company.

Lim reportedly said the lands were sold at RM2.7 billion on August 24 last year to Silk Road Southeast Asia Real Estate Ltd

He said the lands were sold by disposing of a 1MDB unit, My City Ventures Sdn Bhd, to Silk Road through a share sale agreement.



Category: Malaysia

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