Governance

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Parker who? That was a common reaction on 5 January 2017, when 1MDB revealed its latest auditor – a little known firm – after three Big Four auditors had fallen by the wayside for one reason or another.

Parker Randall was reported to be an “international auditing firm” with its website revealing “independent member firms” in 50 countries around the world.

One of them is a Malaysian firm by the name of Afrizan Tarmili Khairul Azhar, also known as aftaas with its head office in Rampai Business Park in Setapak and offices in Shah Alam, Ipoh, Kuantan, Johor Bahru and Kota Bharu.

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The Bayan Mutiara project - Graphic: Kwong Wah

So we now know that the Penang Development Corporation, a state government agency, sold land parcels for proceeds totalling RM1.9bn from 2008 to 2015.

But PDC recorded a “net profit” of only RM147m after deducting RM1.8bn for “land acquisition, development costs over the land in providing infrastructure and holding costs” (see below).

As questions have been raised over land sales, the state government must provide an itemised listing of the PDC land sales totalling RM1.9bn: date sold, selling price per square foot, size/area, location, buyers, the market prices at the time, and payment terms.

[The state government should provide a separate listing of its own land sales totalling RM1.1bn – or is it RM658m (see figures in press statement below dated 4 January 2017)? So are we talking about RM2.5bn-3bn in land sales in total by both the state government and PDC?]

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