KUALA LUMPUR: MARA chairman Tan Sri Annuar Musa today said that one of the four properties under its investment arm MARA Inc. was sold recently in order to settle its debts with two banks in Australia.
“We have to manage our properties in Australia and I am glad to inform that recently we decided to sell one of the properties because I wanted to clear the debts as the purchase of the building was made by taking or borrowing money from Australian banks.
“We decided to liquidate it by selling one of the four properties and the sale was through open tender, managed by an international firm which was conducted a few months back,” he told reporters at MARA headquarters here.
He added that the proceeds were used to settle the debts to the banks and which was described as “more manageable now”.
He was responding to a press inquiry on the latest development after it was exposed two years ago that MARA Inc was involved in a controversy following a report by an Australian newspaper, The Age, which claimed that the company purchased a five-storey apartment block at Dudley International House in Melbourne at a price which was above the market price.
The newspaper claimed that “a group of very rich Malaysian officers” had overpaid A$4.75 million (RM13.8 million) for the apartment block in 2013.
Dudley International House was bought by MARA for use as a hostel for its students there.