Australian real estate giant Raine and Horne’s offshore arm has been embroiled in a global corruption scandal involving the sale of prime Melbourne property, corrupt Malaysian officials and the Panama Papers leak.

The scandal centres around the vastly inflated valuation of a 280-room city apartment building, UniLodge, which mostly houses overseas students on Swanston Street, near Melbourne University.

In June 2012, a Malaysian government fund created to help the country’s rural poor asked Raine and Horne International to issue a valuation for the Melbourne building. Raine and Horne International’s Kuala Lumpur office valued the property at $43 million, despite the fact that the building’s seller, Australian businessman Lionel Harber, had simultaneously valued it at $23.5 million.

(Courtesy SMH)