This was revealed by the company’s chief financial officer during the criminal breach of trust and corruption trial of former Federal Land Development Authority chairman Tan Sri Mohd Isa Abdul Samad.
“Investment firm CH Williams Talhar Wong & Yeo Sdn Bhd was appointed by the company to do the revaluation,” the witness said. He said subsequently there were two offers to buy the hotel. One, for RM85 million was withdrawn after due diligence was performed, while the other, RM69 million offer was later increased to RM77.5 million.
Azlan concluded that the purchase of the hotel had contributed to the unrealised losses of FICSB amounting to RM82.5 million, based on the calculation of difference in the amount of the purchase price at RM160 million and current market value of the hotel at RM77.5 million.
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