A bank valued Dr Mohd Khir Toyo’s palatial home and two plots of land at RM3.5 million before he paid that market price for the properties, the former Selangor mentri besar’s graft trial heard today.
HSBC premier centre manager Chuah Yew Tean testified today that he faxed a letter from valuation firm Rahim & Co, which was engaged by HSBC, to Dr Khir (picture) on May 22, 2007, a week before the Umno politician signed the sales and purchase agreement with Ditamas Sdn Bhd director Shamsuddin Hayroni to buy the properties in Section 7 here.
“You told him (Dr Khir) that the market value is RM3.5 million and so he is entitled to an RM3 million loan?” asked Dr Khir’s lawyer Kamarul Hisham Kamaruddin at the High Court here today.
“Yes,” answered Chuah.
Dr Khir is charged with purchasing the two plots of land and mansion from Shamsuddin for RM3.5 million in 2007 that the latter had purchased for RM6.5 million in 2004.
The former Selangor opposition leader was charged with obtaining the properties, located at No. 8 and 10, Jalan Suasa 7/1 L, Shah Alam, for both himself and his wife Zahrah Kechik.
If found guilty, the Sungai Panjang assemblyman faces two years’ jail, a fine, or both under section 165 of the Penal Code.
Chuah said the letter from Rahim & Co stated that it had valued Dr Khir’s properties at RM3.5 million on May 14, 2007, and that a full report would be sent in due course.
The 35-year-old banker also said valuer Choy Yue Kwong from Rahim & Co had informed him about the RM3.5 million figure one or two days after the valuation was done, after which he informed Dr Khir as such on the phone.
Chuah, who works in HSBC’s Petaling Jaya branch, added that he did not tell Shamsuddin about his bank’s RM3.5 million valuation.
Shamsuddin testified recently that he was “forced” to sell his properties to Dr Khir at RM3.5 million after the latter rejected his offer of between RM5 million and RM5.5 million.
The construction and property developer also said he sold his palatial home and two plots of land at that price despite buying the properties for RM6.5 million in 2004, because he feared for his Selangor business interests.
Shamsuddin, however, has admitted that he did not show Dr Khir the valuation by Trans Asia, whom he had engaged, that estimated the properties at RM5.52 million.
Chuah said today that he faxed Rahim & Co’s letter to Dr Khir at the latter’s request.
The bespectacled banker also noted that it was not unusual for Rahim & Co to send him a letter prior to its valuation report.
comments
whose valuation is correct?
HSBC just put the valuation at 3.5!
is the other guy stupid to buy the property at 6.5 then?
This is a typical Najib's "You help me, I help you" arrangement. Ditamas get the land + projects & Khir toyo gets huge discounted mansion. Please don't insult the public's intelligence that you can buy a RM6.5M house at a mere RM3.5M. Put him straight to jail without going thru all this silly court proceedings.
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