Two Arrested by MACC over FIC’s London Hotel Purchase

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Allegedly, suspects previously held positions in Raine & Horne, the firm that managed the purchase of the hotel.

The Malaysian Anti-Corruption Commission (MACC) today arrested two individuals believed to be involved in Felda Investment Corporation’s (FIC) purchase of a hotel in Kensington, London.

The suspects, a 45-year-old director of an asset management company and a 36-year-old property unit head of another firm, were detained at 1pm after they showed up at the MACC office to have their statements recorded.

The duo are believed to be able to furnish the commission with more information regarding the procurement of the hotel.

“The two will be brought to the court in Putrajaya tomorrow for remand,” MACC deputy chief commissioner (operations) Azam Baki said in a brief statement, FMT reported.

According to Azam, one of the suspects was a corporate advisor and the other a director of Raine & Horne, the firm appointed by the FIC to handle the acquisition of the hotel.

The MACC is investigating the FIC’s purchase of a four-star hotel in London, allegedly at a much higher price than the original, which resulted in the Felda subsidiary suffering millions of ringgit in losses. FIC reportedly acquired the hotel for £60 million (RM330 million) in 2014.

Yesterday, the agency said it would make several arrests soon. However, the number of people who would be detained or the positions they held were not disclosed.

Earlier reports:

Jul 20, More FIC-Related Arrests Possible

Jul 17, MACC Raiding IFC Office

Jun 21, Isa Neither Denies Nor Admits to Any Wrongdoings

Jun 21, It’s Isa and Wife’s Turn After 60 Witnesses Gave Statements