Zahid’s family link in massive KL project with RM1.2 billion value
The project will see the construction of several skyscrapers including in the highly prized real estate of Jalan Tun Razak.
(MalaysiaNow) – While top Umno leaders face hundreds of corruption charges among them, the prospect of years behind bars has not stopped lucrative business deals from being inked by individuals closely related to them, MalaysiaNow can reveal.
In one such deal, a project in the heart of Kuala Lumpur with a gross development value (GDV) of RM1.2 billion is set to take off involving several firms linked to Umno president Ahmad Zahid Hamidi, who has been ordered to enter his defence for 47 corruption charges related to RM31 million in funds belonging to a charity foundation.
The massive project to redevelop the site of Flat PKNS Jalan Tun Razak in Kampung Baru will be undertaken by Jiankun International Bhd, which has entered into a joint venture agreement with Menara Rezeki Sdn Bhd (MRSB) and Menara Rezeki Properties Sdn Bhd (MRPSB).
The project will see the construction of several skyscrapers, including a 52-storey apartment tower in Jalan Tun Razak, among the capital city’s most prized real estate plots.
All three companies have links to Saiful Nizam Mohd Yusoff, the son-in-law of Zahid.
Checks by MalaysiaNow show that Saiful has been an independent non-executive director of Jiankun since April 1 last year.