Wednesday, February 8, 2012

Two More Condos in Singapore

The condos in Bangsar’s One Menerung and Singapore’s Orchard Scotts Residences are part of the Shahrizat family’s collection of luxury properties. If Malaysians are upset, wait a sec! They have not seen anything yet!! Today, PKR’s Rafizi Ramli has revealed that this scandalous family has already made additions to their growing acquisition of condos. Shahrizat’s husband, Mohamed Salleh Ismail and their son Wan Shahinur Izran Salleh dangled RM250 million in federal funds to obtain bank loans to buy two more condominiums in Marina Bay Suites – situated at the heart of Singapore’s crown jewel, Marina Bay – and costing RM34.6 million. Like all previous disclosures, it is not heresay. Rafizi distributed documents from the Singapore Land Authority showing that National Feedlot Corporation (NFCorp) chairman Salleh and executive director Izran purchased the units using loans from Maybank and United Overseas Bank. [Note: Earlier, some people were vainly trying to make a distinction between NFC and NFCorp but there shouldn’t be any confusion because both are really one and the same since the same people are involved in managing both these entities!].

Anyway, back to the story. As Rafizi explained, “They put [the RM250 million] in banks to leverage financing for personal purchases. This is a purchase that must be investigated by police.” Furthermore, he also made the reminder that he had previously intimated that NFCorp, the company owned by Shahrizat’s family, had a RM180 million fixed deposit with Maybank in 2009.

Rafizi quizzed: “The bigger question is, how does the family pay back the monthly repayments? Assuming a 25 year-loan... they must pay RM173,000 each month for these two condos. And this does not include the other condo units mentioned earlier! Duh! It’s easy lah, Rafizi! If you had read my blog posting on December 17, 2011 (“Well-heeled Big Shots”) – I had cited the combined salaries of Salleh and his three children as RM215,000 a month. Surely, this can pay for the two condos. You may ask, what about the others? I don’t know but I am sure they have other sources of funding that we still don’t know about!

The big question: Is there no stopping this spending binge?

I have another question. Why have Najib, Muhyiddin, Nor Omar and Khairy clammed up now? Initially, they were so vociferous in defending Shahrizat but now, they are tight-lipped, tongue-tied and thunderstruck! I wonder why!

1 comment:

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