The Malaysian Rubber Board (MRB) is reported to have incurred losses estimated at RM800 million, following a land sale in Sungai Buloh. This was recently disclosed by Primary Industries Minister Teresa Kok Suh Sim, according to Bernama.
She said the previous government had approved and instructed the sale of about 1,120 hectares of MRB land (Lot 481) in Sungai Buloh to Aset Tanah Negara Bhd, a special purpose vehicle (SPV) under the Ministry of Finance (MoF). It was a direct sale whereby MRB was arbitrarily paid RM1.5 billion in October 2010.
The total size of Lot 481 was about 1,354 hectares and following the sale of 1,120 hectares, the remainder now was only 234 hectares.