National Oversight and Whistleblowers (NOW) has accused Majlis Amanah Rakyat (Mara) of having acquired a third property in Melbourne at an inflated price.

This, said NOW, further lends credence to claims that those behind the deal had committed criminal breach of trust (CBT).

At a press conference today, NOW director Akmal Nasir said the Quintessential Group of Companies (QGC) had sold the property at 51, Queen Street, to an unnamed party in 2013.

QGC had bought the property at A$8.2 million in 2010 and sold it for A$16.65 million (RM48.14 million) in January 2013, after renovations.

This was documented on QGC's website, except for the date of the transaction, which Akmal said was based on unofficial sources.

He said NOW had sighted leaked documents from Mara that showed the Mara Council had approved the purchase of the property on Feb 21, 2013. The property was formally acquired on March 29 that year at A$22 million (RM66.61 million).

The property was formally acquired on March 29 that year at A$22 million (RM66.61 million) by its subsidiary Mara Inc, allegedly through a series of intermediaries.

Copies of the relevant page from the document had been distributed to the press during NOW's press conference yesterday.

'This means an overpayment of RM15.5 million'

This means that A$5.35 million (RM15.47 million) was "overpaid", said Akmal.

Therefore, the total alleged overpayment by Mara Inc to acquire Dudley International House, 51, Queen Street, and 333, Exhibition Street by Mara amounted to AUD19.1 million (RM55.22 million), or RM66.2 million based on exchange rates at the time, he said.

"Based on the evidence exposed so far, it shows that there is a systematic modus operandi and NOW is convinced that there are elements of criminal breach of trust.

"The police and the Malaysian Anti-Corruption Commission (MACC) should cease any form of dilly-dallying and expedite investigations on this issue, in line with Prime Minister Najib Abdul Razak's commitment that a thorough investigation is being done," he said.

Akmal urged Mara chairperson Annuar Musa ( photo ) to answer whether another of Mara's property, at 746, Swanston Street, Melbourne, was also bought at above market price.

Annuar will respond to allegations

When contacted, Annuar told Malaysiakini that he will respond to Akmal’s allegations at a press conference tomorrow.

On Monday, the inspector-general of police Khali d Abu Bakar ( photo ) had reportedly said that there is no element of CBT in Mara’s purchase of the student accommodation Dudley International House.

As such, further investigations would only be carried out by the MACC.

However, he subsequently clarified that he meant that the police have yet to find any elements of CBT "for now" and the MACC will alert the police if it finds any.

The MACC had said that it has been investigating Mara since March.

Mara Inc’s property purchases in Melbourne has been under the spotlight since last week, when Australian media reported that Dudley International House had been purchased at an inflated price, the excess of which was laundered out of Australia to be paid as bribes to Malaysian officials.

The agency has four properties in Australia, namely Dudley International House, 746 Swanston Street, 51, Queen Street, and 333, Exhibition Street.

The first two properties are student accommodation units, while the other two are office buildings in Melbourne’s central business district.

Following allegations, Annuar had told reporters last week that as far as Mara is aware of, it had purchased Dudley International House below market price and the purchase had followed procedures.