Property investment in Melbourne profitable - Shafie Apdal

He said, all the purchases made were lower than the current value of the properties, which brought profit to MARA Inc., a subsidiary of Majlis Amanah Rakyat (MARA).

“The profit made from the purchase enabled us to pay off bank debts, with a surplus of over AU$100,000 (RM2,864,000) a month. These are facts and not fabricated figures,” he told reporters after the breaking of fast at the German Malaysian Institute (GMI) today.

He said, the latest valuation made in December 2014 showed that MARA Inc. earned a profit of AU$16 million (RM45 million) from the purchase.

“The purchase made was below the market price and what excites me is this asset is extremely productive,” he said adding that no losses were incurred after the purchase of the property.

“We are not losing money and there is nothing to question regarding this asset,” he said.

Apart from that, he also stressed allegations that MARA had reduced the number of students it sponsored following its property investment overseas, were not true.

Meanwhile, Shafie also said that the temporary leave given to MARA chairman Datuk Mohammad Lan Allani and CEO Datuk Abdul Halim Rahim, does not mean that they're being punished.

He said when the allegations are made, it is proper than the top two MARA Inc. officials are relieved to allow authorities carry out their investigations.

"This doesn't mean that they are guilty.. this is a normal procedure. We have temporarily relieved them off their duties so that investigations can be carried out.

However, he said, MARA remains committed and is ready to cooperate with authorities in their investigation regarding the issue.