KUALA LUMPUR, Jan 4 ― The Employees Provident Fund (EPF) clarified that the purchase of Sungai Buloh land by its wholly-owned subsidiary, Kwasa Land Sdn Bhd in 2012 has been conducted in a professional manner.

In a statement, the EPF stated the purchase of 944.13 ha (2,330 acre) land from Aset Tanah Nasional Berhad (ATNB), a 100 per cent owned special purpose vehicle (SPV) by the Ministry of Finance was done at an arm’s length basis for the development of Kwasa Damansara. 

Kwasa Damansara is a township with a mix of residential and commercial properties, infrastructure and public amenities.

The fund said it followed a strict framework in all its investments which required it to conduct robust due diligence prior to any transaction.

“The RM2.28 billion purchase price was reflective of the fair market value of the land, given its prime location between Kota Damansara and Sungai Buloh. The EPF has no knowledge of any subsequent arrangements between the Malaysian Rubber Board and ATNB as raised by Primary Industries Minister Teresa Kok,” it said.

Yesterday, Kok revealed that in October 2010, ATNB acquired a land from the Malaysian Rubber Board (MRB) for RM1.5 billion, allegedly sold below market value. 

The land was then sold to EPF by MRB for RM2.28 billion in 2012. ― Bernama