No abuse of power, corruption in sale of stake in Indonesian farm, says Perak state agency

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A majority stake in PT Pinang Witmas Sejati (PWS) in Palembang was sold by a subsidiary of Perak SADC for RM341.55 million recently. (Facebook pic)IPOH: There is no element of abuse of power or corruption on Ladang Lekir Sdn Bhd’s (LLSB) disposal of 60% stake in PT Pinang Witmas Sejati (PWS) in Palembang, Indonesia recently.According to a statement from the Perak State Agricultural Development Corporation (SADC), the disposal of the 60% stake in PWS by its subsidiary, LLSB, to Taiko Plantations Pte Ltd for RM341.55 million had taken into account several factors, including the current market value.“In early 2020, an assessment was carried out by an independent and well-known valuation firm which reported, among others, that the 60% stake previously held by LLSB was worth about RM315 million,” SADC said.In this regard, SADC asserted that the allegation that the farm was valued a…