MACC said in a statement today that its chief commissioner Dzulkifli Ahmad set up a team to investigate the deal, which was concluded between 2013 and 2015, after the agency received new information.

The statement said the investigating team had “taken” documents relating to the purchase of the hotel in Kensington, and it was now assessing and evaluating all the information it obtained.

“Based on preliminary information from the investigation, FIC is believed to have bought the hotel at a price far exceeding the original price and this caused the company to sustain a loss of millions of ringgit,” it said.

“A thorough investigation will be carried out to determine whether there was any element of corruption and abuse of power in the purchase process.

“MACC will also call several key witnesses soon to record their statements and gather information as well as solid evidence before proceeding with further action.”

FIC, a subsidiary of Felda, was set up on July 2, 2013 and is principally involved in property development, hospitality and other strategic investments.

Felda chairman Shahrir Abdul Samad had told the New Straits Times daily in January this year that FIC’s board of directors were ordered to resign “to make it easier to implement reforms and reorganise the company”.