Lawyer Tan Sri Muhammad Shafee Abdullah yesterday showed Shahrol — the prosecution’s 9th witness — two secondary subscription agreements dated May 18, 2009, between AmBank and Aktis and Country Group, wherein the two companies committed to RM700 million and RM3.8 billion of the bonds respectively.
The 342-room hotel is part of the mixed-use development Duo and is situated in the Ophir-Rochor corridor in Singapore.
The land is currently used for the cultivation of rubber, oil palm and mangoes.
The leasehold land with a gross floor area of 246,500 sq ft comprises a single-storey factory with a double-storey office annexed, and also houses a single-storey refuse collection centre, a guard house and a TNB sub-station.
The High Court here today heard that as the sum sought involved a huge amount it had to be approved by the Felda's board of directors.
FIC acting chief financial officer Azlan Mohamed Ismail said the FIC board of directors sought a reassessment of the hotel purchase in 2017 following allegations it was bought at an inflated price.
“I intend to engage with the MACC to resolve this matter.”
Asked if Low and Lee shared a close relationship, the witness said they seemed like "they knew each other" from his own limited observation.
The group secured its shareholders' approval to buy two teak tree plantation lands, measuring 364.79 hectares, worth RM89.2 million, located in Kelantan, from Alifya Forestry Sdn Bhd.
"Through my engagement with oil companies, the forecast of the price of oil will be around US$50 to US$60 a barrel," he said.
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