KUALA LUMPUR (Nov 10): Tabung Haji Properties Sdn Bhd (THP) has denied an allegation by a blogger that it had a role in laundering money owned by Saudi Prince Al-Waleed bin Talal.

Prince Al-Waleed bin Talal, a prominent member of the country's royal family and a billionaire investor, was nabbed in connection with a wide-ranging anti-corruption raid last weekend.

In a statement today, THP, a wholly-owned property development of the pilgrim fund, said the allegation appeared to have been based on a report by Australia Financial Review (AFR) in March this year that Crestmount Capital, a Middle Eastern fund run by Prince Khaleed, son of Prince Al-Waleed Talal, had closed an A$100 million investment into Piety Investments, a Sydney residential developer.

THP said it had indeed several investments with the Piety Group in developing residential projects in Sydney.

“All investments are directly by THP from internal funds; under no circumstances has THP in the past or at any material point of time, sought or secured funds from Crestmount Capital or other external investors.

“THP has obtained all required regulatory approvals in Malaysia and Australia for its projects in Sydney,” it said.

THP said it is not privy to dealings (if any) between Crestmount Capital and Piety Group.

“The insinuation that Crestmount Capital funds are tainted has been made by the blogger alone, for which he or she must bear sole responsibility,” it said.

THP said the allegation that Tabung Haji and its subsidiary are involved in money laundering is false and baseless. — theedgemarkets.com

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