Pilgrims Fund says it has acquired plot of prime 1MDB land for development

Kuala Lumpur

A DECISION by Malaysia's Tabung Haji (TH) or Pilgrims Fund to acquire a plot of land in Kuala Lumpur's Tun Razak Exchange (TRX) for RM188.5 million has raised concerns that government-owned and -linked agencies would be tapped to bail out the debt-laden strategic development agency, 1MDB.

TH has revealed that it acquired the plot - it did not disclose the size - at a discount to the current market value as independently assessed.