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TRX City lodges police report on RM3bn taken by 1MDB

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PETALING JAYA (June 25): TRX City Sdn Bhd (TRXC) has lodged a police report on its development funds taken by 1Malaysia Development Bhd (1MDB) last Friday (June 22) at the Jalan Travers police station in Kuala Lumpur.

TRXC issued a press statement today claiming that funds of approximately RM3 billion were transferred from TRXC to 1MDB between mid-2012 and early 2017, on the understanding that the funds will  eventually be repaid to the company.

TRXC was a subsidiary of 1MDB before it was transferred to the Ministry of Finance on March 31, 2017, as advised by the Parliamentary Public Accounts Committee.

The company is the owner of the two key real estate projects under 1MDB’s umbrella – the Tun Razak Exchange (TRX) project and the 486-acre Bandar Malaysia development.

“These transfers were made based on instructions from 1MDB and were diverted from their intended use, which were for the Tun Razak Exchange and Bandar Malaysia projects,” said TRXC.

The company said it will give its full cooperation to the police.

The police report was lodged following the announcement by the Finance Minister Lim Guan Eng last Thursday revealing the misappropriation of funds by 1MDB to pay off their debts.

The funds were earmarked for the development of TRX’s infrastructure and other projects.

To avoid bigger losses, the Finance Ministry agreed to inject RM2.8 billion of new capital to continue the development of the financial hub, which is expected to realise its full value of at least RM7.6 billion upon completion.

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