KUALA LUMPUR, Jan 6 ― DAP’s Tony Pua dismissed today 1Malaysia Development Berhad’s (1MDB) explanation that the RM7.41 billion land sale valuation of Bandar Malaysia can be adjusted depending on liabilities, amid questions over the actual sale price.

The Petaling Jaya Utara MP pointed out that the China Railway Engineering Corporation (CREC) Consortium, which told the Hong Kong bourse that it will purchase 1MDB’s 60 per cent stake in Bandar Malaysia for RM5.28 billion, that the Chinese group of companies would have been required to disclose to the Hong Kong Exchange the significant difference between the RM5.28 billion price and a possible increase to RM7.41 billion.

“The HKEx is certainly not an exchange regulatory regime to be trifled with, unless China Railway wants to unnecessarily risk stringent penalties on itself,” Pua said in a statement.

“To avoid losing further credibility, once again we call upon the 1MDB Directors [to] immediately agree to make public the Share Sales & Purchase Agreement between 1MDB and the IWH (Iskandar Waterfront Holdings)-CREC Consortium,” the opposition MP added.

Pua said the only relevant number to be considered was how much IWH-CREC paid for 1MDB’s shares in Bandar Malaysia, stressing that the valuation of the land held by Bandar Malaysia was irrelevant as CREC has already announced it would pay RM5.28 billion.

State investment firm 1MDB maintained yesterday that it sold its 60 per cent stake to CREC for RM7.41 billion, noting that CREC’s declaration was based of the “estimated share of the net equity value” and not the land sale valuation itself.

1MDB also said that the land sale valuation may be changed during the completion period of the sale, depending on whether certain liabilities can be passed on to the consortium.