MACC detains two in FIC's Kensington hotel deal

KUALA LUMPUR: The Malaysian Anti Corruption Commission (MACC) has detained two people to assist in investigations into a hotel purchase in London by the Felda Investment Cooperation (FIC).

The two men were detained at MACC's Putrajaya headquarters after giving statements at around 1pm today. This is in regards to FIC's purchase of a four-star hotel at Kensington between 2013 and 2015.

Sources revealed that one of the individuals detained is a 45-year-old man who is currently a director of an asset management company.

The other individual is a 36-year-old head of an asset unit of a postal company.

A statement from the MACC revealed that both the men were working for Raine and Horne, a real estate company.

"Investigations reveal that both the suspects allegedly manipulated the price of the hotel which resulted in FIC paying millions of ringgit above the market price," MACC said in a statement.

MACC has already interviewed 11 witnesses in its investigation.

MACC deputy chief commissioner (operations) Datuk Azam Baki confirmed the arrests of both men who would be held overnight and remanded at the Putrajaya court Saturday.

FIC, the investment arm of Felda, was said to have acquired the four-star hotel between 2013 and 2015 for a total of £60mil (RM330 million).

Sources said the pro­perty was overpaid by at least £20mil (RM110million).