Najib does not understand Hotel Royale Chulan sale process, says Defence Minister’s Office

On February 27, the Defence Minister's Office in a statement said the sale of Hotel Royale Chulan in Bukit Bintang is not finalised. — Picture courtesy of royalechulan.com
On February 27, the Defence Minister's Office in a statement said the sale of Hotel Royale Chulan in Bukit Bintang is not finalised. — Picture courtesy of royalechulan.com

KUALA LUMPUR, March 12 ― The Defence Minister’s Office today said former Prime Minister Datuk Seri Najib Razak still did not understand the process in the sale of Hotel Royale Chulan in Bukit Bintang, owned by Boustead Holdings despite providing a clarification earlier.

In a statement here, Defence Minister press secretary Amin Shah Iskandar said even though Najib claimed a deposit had been paid by a Singaporean company, it did not mean the sale and purchase transaction was completed.

“The deposit can still be returned if the deal did not go through or was cancelled and the announcement to the Singapore Stock Exchange was normal for a company to inform its shareholders about its activities,” said Amin Shah.

Boustead Holdings is a subsidiary of Armed Forces Fund Board (LTAT).

Commenting further, Amin Shah said there are several more conditions to be met by both parties such as complying with Economic Planning Unit (EPU)'s requirements before it is finalised.

On February 27, the Defence Minister's Office in a statement said the sale of the hotel is not finalised. ― Bernama