(July 8): PKR secretary general Rafizi Ramli today challenged Majlis Amanah Rakyat (Mara)'s investment arm Mara Inc to sell the four properties it bought in Melbourne to prove claims that they are profitable by at least RM45 million.

This claim had been made by Rural and Regional Development Minister Datuk Seri Shafie Apdal, who recently said that the four properties had appreciated in value by at least RM45 million according to valuations made late last year.

Shafie had responded to Rafizi's earlier claim that Mara's purchases were overpriced, after an expose by Australian newspaper The Age that one of the purchases had been overpaid for so that the difference could be pockets as bribes.

Rafizi said Mara should see the properties if they were indeed profitable.

"Do not be like Tabung Haji, they claimed the land they bought in Tun Razak Exchange is profitable, but until now they have not sold it. If it's that profitable, they should sell it now," he said.

Rafizi also shot down claims by Mara that the properties were valued by an appointed company, and that Mara paid below market rates in acquiring the properties.

Rafizi previously said Mara overpaid by at least RM129 million combined for the four properties.

"The valuation by Raine and Horne International seems to be an anomaly," he said.

"All other property evaluators are giving different figures about the property prices," he added.

He also said property valuation should be based on previous purchase prices, and not solely rely on appointed valuers. – The Malaysian Insider