FIC now being investigated over purchase of Kuching hotel

Malaysian Anti-Corruption Commission (MACC)

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KUCHING: Troubled Felda Investment Corporation (FIC) is now being investigated over its purchase of a 4-star rated hotel in Kuching.

Sources said Malaysian Anti-Corruption Commission (MACC) is investigating it after it found evidence showing the hotel was bought at a price way above the actual market price.

The source said information obtained in the MACC’s investigation of FIC’s purchase of a four-star hotel in Kensington, London led to the purchase in Kuching.

The London hotel, bought between 2013 and 2015 for a total of RM334 million (£60mil), reportedly had been overpaid by at least RM110 million (£20mil).

In the Kuching purchase, the source said FIC, Felda’s investment arm, had suffered losses of “hundreds of millions of ringgit”.

“Investigators at still going over the documents they have obtained and they are expected to go to FIC headquarters to retrieve more documents related to the Kuching purchase,” the source added.

MACC director of investigation, Datuk Simi Abdul Ghani confirmed his officers are looking into the matter and gathering more information.

Simi said an in-depth investigation is needed to determine if there are elements of corruption involved in the purchase. –