Did you know Malaysia’s Ministry of Finance is also a hotel developer? In this case, an ultraluxurious, high-end St. Regis Langkawi hotel is awash with tax-payers money!
Guess who is the owner of the St. Regis Langkawi?
Opened last month, St. Regis Langkawi is owned by Integrated Nautical Resort Sdn Bhd (INR), a joint venture between Indonesia’s Rajawali Group and the Ministry of Finance.
Rajawali, controlled by well-connected tycoon Tan Sri Peter Sondakh, is also famous for trying to sell a non-controlling stake in a plantation subsidiary to Malaysia’s Felda Global Ventures for a price that, according to analysts, was as much as 72% above market!Â
A local newspaper in Malaysia reported that Tan Sri Peter Sondakh, said to be worth US$2.3bil, made his fortune by buying and selling companies, where he gained a reputation as a turnaround specialist.
In 2005, he sold a stake in a telecommunications company to Telekom Malaysia Bhd. This transaction propelled the media-shy tycoon into Forbes’ richest list.
Newspaper reports in Malaysia indicates Sondakh has enjoyed close relationship with Prime Minister Najib Razak, who is also Finance Minister.
The St. Regis Langkawi is the first all-suite luxury resort in the archipelago, offering 4 private overwater villas and 85 luxuriously-appointed suites. Each suite is distinct in design with bold accent hues and imaginative paintings by esteemed local artists. All suites offer expansive, unobstructed views of the sea from spacious terraces.
A ministry of finance posting on its website indicates the following:
Minister of Finance (Incorporated) [MOF (Inc.)] is a corporate body established under the Minister of Finance (Incorporation)Â Act 1957.
The act provides the authority for MOF (Inc.) to enter into contracts, acquisitions, purchases, possessions, holdings and maintains tangible and intangible assets.
