Monday, 24 September, 2018

Mahathir says will raise ‘unfair’ contracts in visit to China

Malaysia's Mahathir to visit China after putting $20 billion of projects on ice: sources Dr M says saddened by Saudi Arabia’s refusal to clarify RM2.6b ‘donation’
Faye Gross | 07 July, 2018, 04:37

It says the decision was not targeted at any country.

Financial news outlet The Edge first reported the halt in the project, referring to a letter sent from Malaysia Rail Link Sdn Bhd (MRL) to China Communications Construction Company Limited (CCCC) that cited grounds of "national interest" among other reasons.

The suspension came just a day after Malaysia Finance Minister Lim Guan Eng called for a sharp price reduction to the 428-mile East Coast Rail Link, after discovering that the project's actual cost is $20 billion (81 billion ringgit), almost 50 percent higher than what was estimated by the previous government.

The ministry official, who declined to be identified, said Malaysia was seeking Chinese government cooperation with the investigation into the loan and exploring whether funds invested in the pipeline projects could be recouped.

Representational image of a Belt and Road Forum in Beijing.

Malaysian Finance Minister Mr Lim Guan Eng said the project's final estimated cost had risen to Dollars 20 billion, which is around 50% higher than that estimated by the previous government of Prime Minister Najib Razak, and includes land acquisition, interest, fees and other operational costs. The rail line was to stretch 688 km (430 miles) and join the two coasts of Peninsular Malaysia at a cost of 55 billion ringgit ($13.5 billion).

Deflected Emil Forsberg strike sends Sweden into quarter-finals
The win means Sweden's impressive campaign motors on as they await the victor of Colombia and England in the quarter-finals. Switzerland controlled possession early as Sweden mostly defended with 10 men behind the ball when in their own half.


The new Malaysian government, led by Mahathir Mohamad, has disclosed in recent weeks how the Najib administration used federal agencies and government money to bail out debt-ridden 1MDB, which is being investigated in at least six countries.

The loan was given to Suria Strategic Energy Resources (SSER), a subsidiary of the Malaysian finance ministry which oversees the two pipelines.

"We respect and comply with Malaysian laws".

Mr. Najib had been defeated in the May 9 elections and was charged with corruption over the 1MDB (1Malaysia Development Berhad) fund on July 4, 2018. "While the duration of the suspension has not been specified, we are concerned about incurring additional cost, losses and damages arising from the suspension".

CCCC said it hoped both sides can find a win-win solution through negotiations and that the suspension will be lifted soon.

In May, he postponed plans to build a high-speed rail link between Singapore and Malaysia, which had been agreed on several years ago, saying it was expensive. Last month, Eng announced he had asked the Malaysian Anti-Corruption Commission to probe a "highly suspicious" payment of US $2 billion made to China Petroleum when only 15 percent of its work on the two pipelines was complete.

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