SEREMBAN — June 25, 2018: Umno veteran and presidential candidate Tengku Razaleigh Hamzah has stated that Umno’s assets worth billions of ringgit should be utilised to continue mobilising the party.
In this respect, the assets should be re-examined to determine how they can be invested to generate better returns.
“Umno has a lot of assets not only at the headquarters level but across the country. Most are in Kuala Lumpur not only at the headquarters but the land we bought in housing schemes and others. I am clearly aware of this, each division has its office and it is located in a strategic area whose value is certainly increasing from year to year.
“When I was Umno treasurer, many (tracts of) land in Bangsar, Kuala Lumpur were owned by Umno and every one square foot in Bangsar today is worth not less than RM1,000. I think if every building is worth RM50 million, imagine what the buildings nationwide are worth in total.
“Still, how well they can be managed and how they can be reinvested in investments that can bring good returns to the party, if it can be done (collect all the information), god willing we have the opportunity to make more money than we expect,” he said today at a session “With Umno Presidential Candidate”.
Recently Umno headquarters decided to end giving monthly allowances to all its divisions and wings.
However Tengku Razaleigh pointed out that most of Umno’s assets were registered in the names of the trustees.
“Many of these properties are registered under the names of party-appointed trustees. When the individuals were replaced in new elections or appointments and so on, sometimes the names of the trustees were not changed,” he said. — Bernama