FORMER 1Malaysia Development Bhd (1MDB) subsidiary, TRX City Sdn Bhd, has lodged a police report clarifying its position in the RM3 billion transfer from the company to the debt-laden strategic investment fund.

The report was lodged last Friday at the Jalan Travers police station, TRX City said in a statement today.

 “These transfers were made based on instructions from 1MDB, and were diverted from their intended use, which were for the Tun Razak Exchange and Bandar Malaysia projects.

“A total of approximately RM3 billion was transferred from TRXC to 1MDB between mid-2012 to early 2017, when it was a subsidiary of 1MDB, on the understanding that it would be subsequently repaid to TRXC,” said the company.

The company said it will cooperate with the police on the investigations.

Finance Minister Lim Guan Eng said recently that more than RM3 billion had been misappropriated to pay off 1MDB’s debts last week.

https://www.themalaysianinsight.com/s/55945

TRX City is the owner of two key real estate projects under the 1MDB umbrella, namely the 28.3ha TRX and the 196.6ha Bandar Malaysia development in Kuala Lumpur. – June 25, 2018.