A Malaysian property developer has avoided jail time after admitting to falsifying documents in a multimillion-dollar property deal involving Malaysian government funds. Teen Boon Lye, 72, received a suspended 21-month sentence in a Melbourne court for his role in channeling A$3.4 million in questionable payments during Mara Inc’s 2013 purchase of a student accommodation project.
The case centered around Dudley International House in Melbourne, which Mara acquired for A$22.6 million—A$4.75 million above its original sale price. Court documents revealed that Teen helped intermediaries create fraudulent invoices to disguise part of this inflated sum as legitimate expenses. Judge Michael O’Connell found that A$3.4 million of these payments lacked justification and amounted to kickbacks.
Teen’s legal team successfully argued for leniency, citing his poor health and the 12-year gap since the offense. The judge acknowledged these mitigating factors but warned that any further criminal activity would result in immediate imprisonment. The ruling follows a 2023 Malaysian parliamentary inquiry that flagged several overseas property acquisitions by Mara, including purchases in Melbourne and London, as suspiciously overpriced.
Investigations showed that Teen, once a respected developer, had faced financial struggles with the Caulfield project before Mara stepped in as buyer. While he claimed intermediaries prolonged negotiations before securing the inflated price, the court determined the excess payments harmed Malaysian taxpayers. “This was not a victimless crime,” Judge O’Connell emphasized, noting the diverted funds could have served public interests instead.