Thursday 28 Mar 2024
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KUALA LUMPUR (June 25): TRX City Sdn Bhd (TRXC) said it has lodged a police report on Friday on the transfers of TRXC’s funds to 1Malaysia Development Bhd (1MDB).

This was done at Jalan Travers Police Station here.

In a statement today, TRXC said these transfers were made between mid-2012 and early 2017 based on instructions from 1MDB, and were diverted from their intended use, which were for the Tun Razak Exchange and Bandar Malaysia projects.

“A total of RM3 billion was transferred from TRXC to 1MDB between mid-2012 to early 2017, when it was a subsidiary of 1MDB, on the understanding that it would be subsequently repaid to TRXC,” it added.

TRXC said it will give its full cooperation to the Royal Malaysian Police.

Last week, Finance Minister Lim Guan Eng had instructed the management of TRXC, including its chief executive officer Datuk Azmar Talib and executive director Tan Hwa Min, to lodge a report with the investigative panel of 1MDB and the police on the RM3.07 billion misappropriated funds by 1MDB.

TRXC, formerly known as 1MDB Real Estate Sdn Bhd, was earlier a subsidiary of scandal-plagued state fund 1MDB. TRXC was transferred to MoF on March 31 last year, as advised by the Parliamentary Public Accounts Committee, because TRXC was unable to secure land sales or bank financing, due to its association with 1MDB.

TRXC is the owner of the two key real estate projects under the 1MDB umbrella, comprising the TRX project and the 486-acre Bandar Malaysia development. 

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