KUALA LUMPUR, July 30 — A Chinese firm which had bought a parcel of land previously owned by 1Malaysia Development Berhad (1MDB) in Penang for RM 2.7 billion has yet to receive ownership of the land a year after the deal was signed, the Finance Ministry has said.

In a written answer to Wong Hon Wai (DAP-Bukit Bendera) in Parliament last week, the Ministry said the land remains in the ownership of Sentuhan Budiman Sdn Bhd, a Ministry of Finance Incorporated (MOF Inc) owned company.

Silk Road Southeast Asia Real Estate Ltd entered a share swap agreement with Sentuhan Budiman last year to take ownership of My City Ventures Sdn Bhd, a 1MDB venture which in 2013 bought 235 acres of land in Air Hitam, Penang.

However, even though the monies for My City’s sale was given to Sentuhan Budiman by the Chinese firm, the firm is yet to request for My City’s shares, including the land titles, to be transferred back.

"Until today, Sentuhan Budiman is yet to receive any application from Silk Road for the share transfer,” the Ministry said.

1MDB, via MyCity, bought the same parcel of land for only RM 1.38 billion in 2013, four years prior to the deal.