KUALA LUMPUR, Jan 7 ― 1Malaysia Development Berhad (1MDB) must make public the contents of its Bandar Malaysia Sdn Bhd sales and purchase agreement with the IWH (Iskandar Waterfront Holdings)-China Railway Engineering Corporation (CREC) consortium to clarify alleged discrepancies in the deal, DAP's Tony Pua said today.

The federal opposition lawmaker said that 1MDB's recent clarification on the purchase price for the 60 per cent equity of Bandar Malaysia to IWH-CREC contradicted earlier statements on the land sale.

1MDB has maintained that it sold its 60 per cent stake to CREC for RM7.41 billion, noting that CREC’s declaration that it would pay RM5.28 billion was based on the “estimated share of the net equity value” and not the land sale valuation itself.

"However, the latest 'further clarification' refuted both earlier announcements by explaining that IWH-CREC is not buying the stake in BMSB.

"Instead, the joint venture will be buying 60% of a newly created special purpose vehicle (SPV)," the DAP MP said in a statement, adding that the SPV would then be used to separately acquire various parcels of Bandar Malaysia land from BMSB and TRX City Sdn Bhd.

Pua said that this disclosure increased the uncertainty over the "likely completion" of the transaction between 1MDB and IWH-CREC.

"If 60 per cent of BMSB has been sold, then the Bandar Malaysia land has been effectively taken over by the joint venture.

"However, if only 60 per cent of a newly created SPV has been sold, then the SPV has yet to take over the Bandar Malaysia land parcels, which is still subject to further negotiations," the Petaling Jaya Utara MP claimed.

1MDB has 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.