PKR secretary-general Rafizi Ramli expressed concern that the Taman Tugu project may be a front to raise funds for BN ahead of the 14th general election.

In a press statement, he noted that RM500 million out of the RM650 million cost will come from state-owned Khazanah Nasional Berhad.

Rafizi said he was surprised by the high price tag.

"I am worried this project is nothing more than a project to generate funds for interested parties which will in the end be channelled back to Umno-BN's campaign for the 14th general election," said the PKR vice-president.

Rafizi noted that BN is unlikely to get multi-billion ringgit "donation" as it did in the last general election which led to the 1MDB scandal, now a subject of global investigation.

"It is publicly known that Umno-BN's election campaign can run in the billions.

"If Prime Minister Najib Abdul Razak admitted to receiving a RM2.6 billion 'donation' in the 13th general election, I do not think he will be as lucky as to receive such a huge sum in the 14th general election," he said.

Explaining the modus operandi in which funds can be siphoned from state-owned companies, Rafizi said this was done by inflating the prices of construction and upgrading projects handled by government-linked companies.

"These projects, which do not cost much, see their price tag increased multiple times and is then awarded to certain contractors.

"The high profit is then 'donated' back to certain leaders and organisations when the 14th general election nears," said the Pandan MP.

Rafizi said the Taman Tugu project was likely to be exposed to such a risk and urged the prime minister to guarantee that this would not be the case.

He said among the measures required was an open and transparent quantity survey process to determine the actual cost of the works involved.

Furthermore, Rafizi added, the bidding of all works must go through an open tender process and requiring the bidders to make detailed disclosure about their ownership and fund flows.

He said all these information must be open to public scrutiny.

"If he (Najib) fails to provide this guarantee, I will oppose this project and mount a campaign to block it.

"I will recruit a team of volunteers comprising quantity surveyors to scrutinise the actual cost of the works," Rafizi added.

Malaysiakini has contacted Khazanah and is awaiting response.