Malaysian state investment fund 1Malaysia Development Berhad (1MDB), which has been in the eye of a storm for the past few months, has launched the sale tender process for its land parcel in Pulau Indah, Selangor.
In a statement on Monday, 1MDB said it has appointed real estate services provider Savills (Malaysia) as advisor and has prepared a detailed Information Memorandum for distribution.
“Qualified potential purchasers are invited to register their expressions of interest with Savills (Malaysia) for this tender process,” it said, in its statement.
The 1MDB land parcel in Pulau Indah, Mukim Klang, Selangor, is on a single large development site, measuring approximately 318 acres. It is adjacent to the Port Klang Free Zone (PKFZ) and other industrial developments. The sale of Pulau Indah land is part of the rationalisation plan the debt-ridden fund presented to the Malaysian Cabinet on May 29, 2015.
Set up in 2009 by Prime Minister Najib Razak to invest in the local economy, 1MDB has been dogged by controversies in the past months. The latest among its controversies is money-laundering allegations which the Wall Street Journal reported that US Federal Bureau of Investivation is probing into.
Its other scandals involve fund mismanagement, in relation to a sum of $700 million which Malaysian investigators said was wired into Najib’s personal accounts. The leader has denied mismanaging the funds, and has attributed the $700 million to a donor from the Middle East.