In a statement, the EPF said the purchase of 944.13 ha (2,330 acres) of land from Aset Tanah Nasional Bhd (ATNB), a 100%-owned special purpose vehicle by the finance ministry, was done for the development of Kwasa Damansara.
Kwasa Damansara is a township with a mix of residential and commercial properties, infrastructure and public amenities.
The fund said it followed a strict framework in all its investments which required it to conduct robust due diligence prior to any transaction.
“The RM2.28 billion purchase price was reflective of the fair market value of the land, given its prime location between Kota Damansara and Sungai Buloh.
“The EPF has no knowledge of any subsequent arrangements between the Malaysian Rubber Board (MRB) and ATNB as raised by Primary Industries Minister Teresa Kok,” it said.
Yesterday, Kok claimed that in October 2010, ATNB acquired land from the MRB for RM1.5 billion, allegedly below market value.
The land was sold to EPF by MRB for RM2.28 billion in 2012.