Why did MARA Inc allegedly overpay RM63 million for Melbourne property?

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MARA Inc Allegedly Overpaid RM63 Million Due to Discrepancies in Property Valuation and Transaction Records

National Oversight and Whistleblowers (NOW) has alleged that MARA Inc overpaid RM63 million for its fourth property acquisition in Melbourne, specifically at 746 Swanston Street, in 2012. This alleged overpayment stems from a significant difference between the approved purchase price and the reported cost of the property, as indicated by an internal MARA document and a price list from property consultant On The House.
Discrepancy Between Approved and Reported Costs

The property at 746 Swanston Street was reportedly acquired by MARA Inc for A$41.8 million. However, according to a price list from On The House, the actual cost of the property in November 2012 was A$23.5 million. This disparity accounts for the alleged RM63 million difference between the amount approved by MARA and the figure reported by the real estate consultant. NOW executive director Rafizi Ramli has questioned the destination of these funds and the beneficiaries of this alleged scheme.
Suspicious Transaction Timing and Property Value

An internal MARA document purportedly shows the property was purchased in August 2012. This timing coincides with the sale of only one other unit at 746 Swanston Street in November 2012: S5, a block comprising 281 apartment units. Rafizi highlighted that while other units at the same address sold in 2012 ranged between A$135,000 and A$266,000, the S5 block was the sole multi-million dollar sale in that year, leading to the connection with MARA Inc's purchase.
Wider Pattern of Alleged Overpayments

This instance at 746 Swanston Street is part of a broader pattern of alleged overpayments by MARA Inc for its Melbourne property purchases since 2012. NOW claims that MARA Inc has overpaid a total of RM129 million across four property acquisitions. Previously, overpayments of RM18 million for 51 Queen Street and RM33 million for 333 Exhibition Street were also revealed. These transactions were reportedly facilitated through an offshore company in the British Virgin Islands or wired through multiple companies in different countries.

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Why did MARA Inc allegedly overpay RM63 million for Melbourne property?

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