Who approved the initial purchase of the hotel at RM880 million?

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Prime Minister Orders Investigation into Felda Hotel Purchase Decision

Prime Minister Datuk Seri Anwar Ibrahim has directed the management of the Federal Land Development Authority (Felda) to submit a comprehensive report concerning the proposed sale of a Felda-owned hotel. This directive follows the discovery that the hotel, originally purchased for £160 million (RM880 million), was slated for sale at a significantly lower price of £100 million (RM550 million). The Prime Minister has withheld approval for this transaction, citing concerns over the substantial RM330 million loss.
Felda Management Tasked with Reporting on Hotel Sale Proposal

The Prime Minister's office has formally instructed the current Felda management to provide a complete report detailing the circumstances surrounding the proposed sale of the hotel. This action was prompted by the Prime Minister's refusal to sign the approval document for the sale, which he deemed a significant financial loss for the agency. The proposed sale price of RM550 million represents a considerable reduction from the initial acquisition cost of RM880 million.
Original Hotel Acquisition Price Disclosed

Information available indicates that the hotel in question was acquired by Felda under its previous management for a sum of £160 million, which equates to approximately RM880 million. This figure has been presented as the benchmark against which the current proposed sale price is being critically evaluated. The substantial difference between the purchase and proposed sale prices has raised serious questions about the decision-making process involved.
Prime Minister Withholds Approval Amidst Financial Concerns

Datuk Seri Anwar Ibrahim, who also serves as the Finance Minister, has explicitly stated that he refused to endorse the sale document. He expressed regret over the proposed transaction, particularly in light of the ongoing financial difficulties faced by Felda settlers. The Prime Minister emphasised that Felda is under his purview and that such loss-making ventures are inconsistent with the need to support the settler community, who are reportedly struggling with basic facilities and insufficient income.

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Who approved the initial purchase of the hotel at RM880 million?

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