All Mara Inc properties to be revalued

PUTRAJAYA: All properties acquired by Mara Incorporated Sdn Bhd in Sydney and Melbourne will be revalued by a panel of independent Australian valuation firms.
It is learnt that Wisma Putra has sent a directive to the Malaysian High Commission in Canberra requesting that it choose appropriate independent valuers to establish if Mara Inc had paid market prices.
This exercise, although costly, will put an end to claims and counter-claims made by various parties.
While Mara Inc claimed that it paid market prices for the properties, accusations have been made that they were bought at inflated prices.
The valuers, when appointed, are expected to provide retrospective valuations – at the time the properties were bought and current valuations.
They are also expected to submit historic details, including previous ownership(s) of each property and the prices they were sold at every transaction.
It is alleged that officials from Mara Inc set up shelf companies in the British Virgin Islands and Singapore to buy the property and then resell at higher prices.
A highly placed source said that in view of the raids carried out by the Australian police after news reports by the Melbourne-based The Age and theSun in Malaysia, there is likelihood of court proceedings in both countries.
“We have been informed that the Australian authorities are investigating allegations of fraud, money laundering and corruption. Because they involve government funds, it is imperative that Wisma Putra and the government get a clear picture of the issues,” the source said.
“In view of the legalities involved, it is essential that an ‘independent assessment’ be provided should there be legal proceedings.”
It is learnt that Wisma Putra and the High Commission are drawing up the terms of reference and strict instructions of what they expect.
Earlier, on Tuesday, Mara chairman Tan Sri Annuar Musa had said the Mara board meeting today would appoint an independent audit firm to conduct an external audit.

Speaking in Kota Baru, Annuar said Mara had also requested the MACC to investigate all assets it had bought around the same period as the controversial Dudley House investment, including those in the United Kingdom.
“We do not want to hide anything. All procedures were adhered to when the properties were bought, but there might have been some irregularities,” he said in response to Rafizi’s allegations.
Annuar, who is Ketereh MP, added that documents pertaining to all the deals had been sent to MACC.