Klang MP Charles Santiago said he was surprised to read that investment cooperative Koperasi Amanah Pelaburan Bhd (KAPB) had purchased a 51% stake in Mulia Property Development from the finance ministry and the Mulia Group.

KAPB chairman Ilyas Mohamed confirmed this to the media on Friday, saying the deal was signed more than a year ago but details will be finalised by June.

While he could not reveal the amount of money involved in the takeover of the stake, Ilyas said: “It was a fantastic deal.”

The finance ministry, via its wholly-owned company MKD Signature Sdn Bhd, took over 51% of the shareholding in Mulia Property Development in July 2017.

“But there have been no reports of the finance ministry selling its stake to KAPB and this raises some questions which need answering,” Santiago told FMT.

He said the ministry’s purchase and subsequent sale of the stake involved taxpayer funds.

“We need to know if a cost-benefit analysis was carried out before and after the sale of the stake. If there was, the public has a right to know if it was the right move, first to buy, then sell the stake.

“Did the finance ministry benefit from the sale of the stake? Was the stake sold through an open tender?”

Santiago said there appeared to be a lack of openness and transparency on the deal, and this was yet another issue the government needs to explain.

“This is why it is crucial for Parliament to reconvene. There are many more questions the government needs to answer including this one.”

Meanwhile, former prime minister Najib Razak raised similar concerns, asking how the project under 1MDB was sold so “quietly”.

“Why did the government sell Exchange 106, was it sold through an open tender, what was the selling price?”

“Things like this need to be announced to the people so that everyone knows what the government’s plans are and if any profit has been generated,” he said in a Facebook post last night.

FMT has sought a response from the finance ministry.