MACC says probing Felda Investment Corp for overpriced London hotel buy

(MMO) – The Malaysian Anti-Corruption Commission (MACC) is now investigating Felda Investment Corporation (FIC) Sdn Bhd for the questionable purchase of a four-star London hotel.

MACC chief commissioner Datuk Dzulkifli Ahmad said based on its initial reports, the purchase of the hotel in an upmarket London neighbourhood was above market price, causing millions of ringgit in losses to the investment arm of the plantations giant.

“The investigation team has obtained the relevant documents on the deal and is currently in the midst of evaluating and going through all information,” he said in a statement.

He said MACC would also call up several key witnesses to record their statements on the matter.

Earlier this year, Felda chairman Tan Sri Shahrir Abdul Samad announced that the corporation will be selling off some shares it had in public— listed companies and several properties it owns in London as part of its cost-cutting measures.

The four-star hotel in Bayswater, London, was reported to have been bought for 98 million pounds (RM543 million) in 2014.