MARA overpaid by RM18 million for another Melbourne property - watchdog

After the Dudley House and the 333 Exhibition Street properties purchase, MARA is again in the spotlight over another property in Melbourne, Australia.

This time, MARA overpaid by RM18 million for the 51 Queen Street property, said the National Oversight and Whistleblowers (NOW).

NOW president Akmal Nasir said MARA Inc paid RM70.4 million or AUD22 million from an unnamed previous buyer in March 2013.

He said the 51 Queen Street property was bought by Quintessential Group of Companies (QGC) in 2010 for AUD8.2 million.

He said three years later, the property was sold to a third party for AUD16.65 million.

“This proves that the purchase of the 51 Queen Street property was done using the method as the Dudley House and 333 Exhibition Street, where MARA Inc paid much than the market price,” he said in a statement.

NOW wants MARA chairman Tan Sri Annuar Musa to explain why the MARA Council had approved the purchase of the property bought at RM18 million more than the market price.

“Who owned the property before MARA bought it?,” he questioned.

He said the people had the right to know the money went, arguing that the money should have been used for the development of the Bumiputeras through education and business opportunities.