YB Tony Phua : "I dug up the old Tadmax annual reports again"

Tony Pua

Thankfully after I dug up the old Tadmax annual reports again, I breathed a sigh of relief to discover that I did not lose my abilities to read and count properly.

Perusing through two of these reports - for 2010 and for 2012 - the Pulau Indah land was indeed revalued twice, once on May 11, 2007 and another time on August 2011. Over the 4 years, the value of the land increased by only a miniscule 0.5% from RM9.88 per square foot (psf ) to RM9.93psf.

However, for some yet-to-be-explained reason, between Aug 4, 2011 to Jan 24, 2014 (2 years 5 months), the valuation suddenly shot up from RM9.93psf to RM23.50psf or 136.7 percent, which is the value 1MDB paid!

I did not make up the above numbers. The figures were published and clearly explained in Tadmax’s Annual Reports signed by Faizal himself. I would however leave it to Faizal to explain if he actually read and understood what he signed.
--- http://m.malaysiakini.com/news/255561
http://m.kinibiz.com/story/corporate/73840/oxford-pua-turns-tables-on-tadmax’s-faizal.html