UJSB, which is a wholly-owned unit of Ministry of Finance completed the transfer of non-performing assets valued at RM9.63bil held by LTH in December last year, following financial mismanagement and wrongdoings by the previous management.
"The difference of RM10.3bil between the consideration of RM19.90bil and RM9.63bil market value of assets is to be borne by the government to ensure that the financial health of LTH is restored," UJSB said in a statement here, Thursday. Explaining on the assets transferred, UJSB said it consist of a mixture of listed equity holdings, properties and one unlisted plantation asset.The land was purchased by LTH at RM188.5mil or RM2,760 psf, significantly higher than that paid for by 1Malaysia Development Bhd at only RM75 psf .
In a recent valuation exercise conducted in March 2019, the market value of the said TRX land stood at only RM205mil.