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Tuesday, March 10, 2009

Walton remains committed, reassures customers

PETALING JAYA: Walton International Property Group (M) Sdn Bhd says it remains committed to its Malaysian clients, citizens and authorities.

“Walton operates to the highest ethical and business standards in Malaysia and around the world,” Walton Asia chief operating officer Kent Britton said in a statement yesterday.

Last week, it was reported that Bank Negara had raided Walton following complaints from the public on land banking schemes promoted by the company.

The central bank had cautioned the public to be cautious of this type of land banking schemes promoted by Walton.

“Walton wishes to assure valued clients, employees, partners and the Malaysian public at large that it is co-operating fully with Bank Negara to resolve this matter as quickly as possible,” the company said.

Walton and the other members of the Walton group of companies constitute one of North America’s leading land-based real estate investment groups.

“In Malaysia, as elsewhere, we are committed to positive relationships with our valued clients and with the citizens and governments of the countries in which we do business,” Britton said.

“We are fully open and transparent in our professional relationships with regulatory authorities, and responsive to requests for information and cooperation,” he added.

Some earlier reports said Walton had made references to deposit-taking and interest schemes, and to distribution of real estate investment trusts (REITs).

“Walton does not distribute REITs, nor offers deposit-taking or interest schemes,” the company said.

It said the company offered clients the opportunity to purchase ownership of high-quality land in highly-researched and carefully-selected growth areas within Canada and the United States.

“Walton’s Malaysian clients hold legal titles to the North American land that they own, safely and securely registered in the respective jurisdictions,” the company added.

Britton said Walton was careful about the land that it selected and had delivered consistent returns to its clients in Malaysia and around the globe.

“In the last three years, we have returned the equivalent of RM1.5bil to Walton clients globally, including to those here in Malaysia,” he said.

He added that the company was proud to have been in Malaysia since 2002 as a respected member of the country’s growing and important international business and financial community.

Walton is a international corporation with 13 offices in seven countries.

By The Star

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