Hottest Online News Portal

Nothing Wrong With Felda’s London Purchase, Says Paul Low

in Latest

KUALA LUMPUR: There is no wrongdoing in the case of Felda Investment Corp’s (FIC) purchases of two high-end properties in London, Parliament was told.

Minister in the Prime Minister’s Department Datuk Paul Low said no offences were discovered under the Malaysian Anti-Corruption Commission (MACC) Act 2009 from early investigations.

“If any party has additional information or evidence on the issue, it can be forwarded to the MACC for further action,” he said in a written reply to Loke Siew Fook (DAP – Seremban).

Loke had asked the minister reveal the status of the MACC’s investigation into the two purchases made by FIC.

It was reported that the FIC, the investment arm of Federal Land Development Authority (Felda), had acquired a 4-star hotel in the upmarket Kensington area in London for £60mil (RM330mil).

Called Park City Hotel, with 62 guest rooms and two units of three-bedroom serviced apartments, it was renamed to Grand Plaza Hotel.

FIC also bought the Grand Plaza Serviced Apartments in Bayswater, London for £98mil (RM538mil). FIC was established in 2013, with a focus on real estate, hospitality and oil and gas sectors.


Latest from Latest

Go to Top