BNM maintains that RM2b land transaction was at 'arms-length'

PETALING JAYA: Bank Negara Malaysia (BNM) said the purchase of a 23ha land from the government to develop a Financial Education Hub, was conducted as an 'arms-length' transaction and transacted at fair value as determined by an independent private sector valuer.
The central bank said in a statement that it had extended comprehensive information to the anti-graft body on the transaction for the Malaysian Anti-Corruption Commission (MACC) complete and independent review.
"We refer to the recent international and domestic media coverage on the matter concerning a piece of land purchased by Bank Negara Malaysia (the Bank). The purchase of the land was initiated by the Bank, conducted as an arms-length transaction and transacted at fair value as determined by an independent private sector valuer," it noted.
BNM said it will continue to be transparent and the transaction complied with all the governance requirements and relevant laws that govern the bank.
On Jan 4, the central bank said that the acquisition cost for the land located near the Sasana Kijang Complex is about RM2 billion and was subject to a final survey of the area involved.
"The land valuation was mutually agreed on between the Bank and the Government of Malaysia based on a valuation process conducted by an appointed independent private sector valuer," the central bank said.

Read the earlier report here:
http://www.thesundaily.my/news/2018/05/24/wsj-bn-govt-used-bnm-pay-rm2b-service-1mdb-debts