Pahang PKR Youth Chief Wong Chun Yuan told a press conference here today that Kuantan Parade, developed by Pasdec Realty Sdn Bhd, a subsidiary company of Pahang State Development Berhad ‎(PKNP), was sold to a private company, Premium Plaza, for over RM52 million.

He said Pasdec Realty had been under bank receivership since 2005 and was told to wind up in 2011 for debts amounting to several hundred thousand ringgit.

The land ownership transfer took place more than a year later, evident from a mortgage document submitted to the Pahang Land Office.

“The mortgage and land ‎ownership transfer documents were submitted simultaneously on Oct 12, 2009 at 11.51am.

According to the document, the mortgaged sum of RM38,258,779.32 did not go into the state government’s coffers, but instead to a third-party company.

This company, Wong alleged, is owned by two Singaporeans and a Malaysian, formed just a year before the sale took place.

“This means that ‎Premium Plaza mortgaged Kuantan Parade for the transaction, but the payment was not made to Pasdec Realty. Instead, it was said to have gone to another company which is not owned by the state government,” said Wong.

He noted that the ad hoc committee that the Pahang PKR formed to investigate the matter had yet to obtain several pertinent documents, such as the sale and purchase agreement between all the parties involved.

He said evidence proving that the payment was indeed made to the third company was also unavailable.

“Where did the money actually go? There are many questions that need to be answered,” said Wong, adding that the party had brought up the matter in the state assembly last year, but received no response.

He said a police report was also lodged, requesting for the matter to be investigated. However, the party’s concern was not addressed.

“So we give Pahang Menteri Besar Adnan Yaakob 72 hours to explain what actually transpired. If he fails to do so, we will lodge a report with the Malaysian Anti-Corruption Commission.”

Semambu Assemblyman Lee C‎hean Chung was also present this afternoon and said the case was similar to the one involving federal investment firm 1MDB.

“This situation is like a mini 1MDB,” he said.