Umno doesn’t have assets worth billions, says Zahid

Umno president Ahmad Zahid Hamidi says the perception that the party has a lot of assets is not true.

KUALA LUMPUR: Umno president Ahmad Zahid Hamidi says the party does not have assets worth billions of ringgit as some people had claimed.

He said data on the matter would be collected and the details would be given in the most transparent way.

“There is a perception the party has assets worth billions.

“We don’t have that much assets,” he said while closing the two-day Umno General Assembly here.

Yesterday, Umno Youth deputy chief Shahrir Hamdan urged the party leadership to consider selling off some of its assets to generate money for day-to-day operations of its branches nationwide.

He said the proposal, if carried out, could help the party in the wake of a freeze on Umno accounts by the authorities over investigations linked to the 1MDB scandal.

“Our accounts are frozen but our assets are in the millions.

“Why not liquidify the assets and give Umno branches the money to cover at least their basic costs?” he told Youth members yesterday ahead of the Umno general assembly.

Zahid also indicated that Umno’s 70-storey office and hotel tower project as part of the redevelopment of the Putra World Trade Centre, could now be reviewed.

“We have discussed with the developer that either the project should be negotiated with our new partners or some joint ventures to be established, or we sell it to a third party,” he said.