Malaysians scramble for funds
7 May 2016 – by David Hatcher
Malaysia’s government fund for Muslim pilgrims, Lembaga Tabung Haji, is looking to recoup a further £220m from the sale of London property.
The fund is suffering from dwindling reserves amid concerns it may not be able to pay dividends to its depositors.
It is being pressed by the state to repatriate funds and has exposure to 1MDB, the country’s investment fund, which is currently the subject of an investigation into whether cash has been siphoned off the fund by officials.
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Tabung Haji, which invests savings for muslims to travel to Mecca, has appointed Savills to sell 10 Queen Street Place, EC4.
The price for the 221,198 sq ft UK headquarters of law firm King & Wood Mallesons reflects a yield of 4.3%.
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