Two ex-real estate execs arrested in connection with Felda's London hotel purchase
(July 22): Two ex-real estate executives who were involved in Felda Investment Corporation's (FIC) purchase of the four-star Kensington Hotel in London have been arrested by the Malaysian Anti-Corruption Commission (MACC).
In a statement yesterday, MACC said the two were arrested at 1pm when they presented themselves at the MACC headquarters to give their statements on the hotel purchase.
The two had served as chief corporate adviser and director respectively at real estate agency Raine and Horne when the hotel purchase was being considered between 2013 and 2015.
FIC had purchased the hotel for £60 million (RM330 million).
"Based on the investigation, the two were suspected of manipulating the hotel price (valuation) resulting in FIC overpaying tens of millions," MACC said.
One of the suspects aged 45 is now a director at a management consultancy company while the 36-year-old suspect works as an asset unit chief at a postal company.
MACC deputy commissioner (operations) Azam Baki said the duo are expected to be remanded today to facilitate investigations.
MACC added that more arrests may follow. — theedgemarkets.com
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