In the latest twist to the 1MDB land scandal, MP for Petaling Jaya Utara Tony Pua has revealed that Tadmax’s (the owner of the land purchased by 1MDB) own reports contradict the statements made by its Chief Executive Officer (CEO) Dato Faizal Abdullah.

“Perhaps Dato Faizal doesn’t know how to read his own Annual Financial Report”, said Pua, pointing out that the annual reports show very clearly that land had last been valuated in 2011 as opposed to 2005 which Faizal Abdullah stated yesterday.

Faizal, who is also the UMNO Kapar Deputy Division Chief claimed that “the land had not been re-valued since it was purchased in 2005. Therefore, the inflation in price was over eight years, not 2.5 years.”

Tony uncovered Tadmax’s annual report (below) that refutes Faizal’s statement.

The above “List of Property’s Report” brings to light The “Date of Revaluation”  which is clearly stated as 4 August 2011 Tadmax’s Annual Report, where the land involved is valued at RM163,860,000 (RM 9.93psf).

“I am very surprised, and I’m not being sarcastic here, that with Tony Pua – he has a degree in economics from Oxford – but still doesn’t know this… When we are speaking of properties under ‘stock and inventory’ we don’t do a valuation. We carry it based on historical cost”, said Faizal.

However, Tony revealed that the 2010 Annual report stated that the same piece of land was last revalued on 11 May 2007 at RM163,091,000 (refer below) that works out to be RM9.88 psf. 

Therefore, the valuation of the land from 11 May 2007 to 4 August 2011 had increased by a mere 0.5% from RM9.88psf to RM9.93psf.

“For some yet-to-be-explained reason, between 4 August 2011 to 24 January 2014 (2 years 5 months), the valuation suddenly shot up from RM9.93psf to RM23.50psf or 136.7%, which is the value 1MDB paid!” said Tony.

“I did not make up the numbers above,” he added.