HRD Corp’s aborted Menara Ikhlas deal followed all procedures

Free Malaysia Today

Reply document explains that the company signed a lease-to-own agreement rather than a common sales and purchase agreement.   Read More:  https://www.freemalaysiatoday.com/category/nation/2024/07/13/aborted-menara-ikhlas-deal-followed-all-procedures-says-hrd-corp/  Laporan Lanjut:  https://www.freemalaysiatoday.com/category/bahasa/tempatan/2024/07/13/pembelian-menara-ikhlas-yang-dibatal-ikut-semua-prosedur/  Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.    Subscribe to our channel - http://bit.ly/2Qo08ry   ------------------------------------------------------------------------------------------------------------------------------------------------------ Check us out at https://www.freemalaysiatoday.com Follow FMT on Facebook: https://bit.ly/49JJoo5 Follow FMT on Dailymotion: https://bit.ly/2WGITHM Follow FMT on X: https://bit.ly/48zARSW  Follow FMT on Instagram: https://bit.ly/48Cq76h Follow FMT on TikTok : https://bit.ly/3uKuQFp Follow FMT Berita on TikTok: https://bit.ly/48vpnQG  Follow FMT Telegram - https://bit.ly/42VyzMX Follow FMT LinkedIn - https://bit.ly/42YytEb Follow FMT Lifestyle on Instagram: https://bit.ly/42WrsUj Follow FMT on WhatsApp: https://bit.ly/49GMbxW  ------------------------------------------------------------------------------------------------------------------------------------------------------ Download FMT News App: Google Play – http://bit.ly/2YSuV46 App Store – https://apple.co/2HNH7gZ Huawei AppGallery - https://bit.ly/2D2OpNP  #FMTNews #HRDCorp #MenaraIkhlas

Transcript

00:00The Human Resource Development Corporation followed all procedures in the aborted 202.5

00:07million ringgit deal to buy the Manara Iklas Twin Towers in Putrajaya, according to a reply

00:12document to the 2024 Auditor General's report.

00:17According to the document cited by FMT, the company had signed a lease-to-own agreement

00:21rather than a common sales and purchase agreement, which explains the 50% deposit instead of

00:26the usual 10% deposit which critics have questioned.

00:30It said it was under such an arrangement that the company paid a 120 million ringgit deposit

00:35with a balance of 82.5 million ringgit to be paid over 10 years in 120 monthly installments

00:42of 687,500 ringgit each.

00:46The deal was criticized in the AG's report for the unorganized management of deposit

00:50payments, with HRD Corp's investment panel obtaining approval only after the payment

00:55was made.

00:56However, the document revealed that the exercise was presented to the board and approved by

01:00the investment panel.

01:02The deal was discontinued as the vendor could not deliver vacant possession and transfer

01:06the title, leading to the refund of the 120 million ringgit deposit plus 3.2 million ringgit

01:12interest.

01:14Another issue raised was the irregular payment to a legal firm not aligned with the agreement

01:18clauses, but the document clarified that the vendor had changed lawyers and instructed

01:22the payment to be made to the new lawyer.

01:25HRD Corp said this change did not alter the fundamental terms of the agreement.

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