KUALA LUMPUR, July 6 — A Malaysian businessman made a profit of RM51 million from selling two Melbourne properties to Majlis Amanah Rakyat (MARA) Inc, the National Oversight and Whistleblowers (NOW) revealed today.

NOW executive director Rafizi Ramli today identified Datuk Ding Pei Chai as the individual who sold two Singaporean companies that owned the 333 Exhibition Street and 51 Queen Street properties in Melbourne to MARA Inc.

“I myself sat down and listened to Datuk Ding Pei Chai’s explanation stating that he sold to MARA at the agreed price.

“He also admitted that the price sold to MARA would give him a profit, which he considered to be good business practice,” Rafizi said during a press conference at the NOW headquarters.

The two Singaporean firms were Carlton Garden Pte Ltd and Marinn Property Pte Ltd

According to Rafizi, MARA Inc overpaid for 333 Exhibition Street by RM33 million and overpaid for 51 Queen Street by RM18 million.

The Pandan MP urged authorities to investigate Ding as well as those directly involved in the so-called property scheme to ensure that public funds have not been misappropriated.

“Investigations and action must be taken against individuals involved in the MARA scandal, and this must surely involve those who act as the broker behind the scenes that may cost MARA,” he said.

NOW has been scrutinising MARA Inc’s Melbourne purchases since Australian daily The Age ran a story on the firm’s Dudley International House buy that exposed links between top MARA officials and certain businessmen connected to the ruling Barisan Nasional.

According to the Australian daily’s expose, MARA Inc had allegedly overpaid A$4.75mil (RM13.8 million) for Dudley House, which was purportedly used as a form of kickbacks.

Last Tuesday, NOW alleged that apart from Dudley House, which MARA Inc reportedly bought for RM67.2 million, the firm also bought three other properties — 746 Swanston Street for RM138.6 million, 333 Exhibition Street for RM99.2 million and 51 Queens Street for RM70.4 million.

The total sum paid for all four properties was RM375.4 million, the oversight body revealed.

Rafizi said last week that the four property purchases were suspicious as they were either bought through an offshore company in the British Virgin Islands or wired through three different companies in three different countries.