KUALA LUMPUR, June 25 – Umno has assets in prime areas all around in the country that could be valued up to "billions of ringgit”, Umno president hopeful Tan Sri Tengku Razaleigh Hamzah said today.

The Gua Musang MP said it was, therefore, "strange” for Umno to deny funding to all divisions and wings.

"We have our own offices in the states and divisions, which were now strategically located, as these were acquired way back in the 1960s and 70s,” he was quoted as saying in The Star Online.

"If we manage these properties and assets well, then we should have enough funds to run our activities,” he added.

Tengku Razaleigh was reportedly responding to a question on Umno secretary-general Datuk Seri Tengku Adnan Mansor’s announcement that party allocations to all divisions and wings would cease.

On May 22, Tengku Adnan said the decision had to be made after reviewing the party’s financial standing.