Malaysia investigates China-backed project links with 1MDB
07 July, 2018, 09:41 | Author: Carlos George
Malaysian Finance Minister Lim Guan Eng pegged the total cost of the rail link project at almost 81 billion Malaysian ringgits and called it as "highly inflated", after taking into account various factors such as land acquisition, land interest fees and operational costs.
Najib's close relationship with China, which has been pouring billions of dollars into Malaysian infrastructure and real estate, has now come under the spotlight.
Finance Minister Lim Guan Eng said the project's final cost, which is almost 50 percent higher than estimated by the previous government, includes land acquisition, interest, fees and other operational costs. Weeks later, Mahathir said that his government would review the bullet-train project.
The new Malaysian government has also halted $2.3bn worth of pipeline projects awarded to a Chinese firm under Najib's watch, saying it has been paying for work not done, and asking the Chinese government for help in investigating money laundering (more below).
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.
Finance Minister Lim Guan Eng and Daim Zainuddin, who chairs a top-level economic advisory council drawn from the private sector, are also visiting China separately.
The suspension came just a day after Finance Minister Lim Guan Eng called for a sharp price reduction in the 688-kilometer (430-mile) East Coast Rail Link after discovering that the project's actual cost is 81 billion ringgit ($20 billion), almost 50 percent higher than that estimated by the previous government. It has urged Mahathir's government to "honor and respect" the contract signed by Najib's administration.
Trump delaying NAFTA deal until after midterm elections
After the election, Lopez Obrador said he'll propose that his own team of experts be included in the trade talks. These are all factors that point to a stalemate, said Moshe Lander, an economist at Concordia University.
Malaysia suspended three of its largest China-backed projects worth $22 billion on Thursday.
"We're confident [that] first of all, this project is based on business principles - it is very open and transparent", he said that in the case of the ECRL, the project was in response to internal demand with the aim towards creation of value.
"While the duration of the suspension has not been specified, we are concerned about incurring additional cost, losses and damages arising from the suspension".
"This suspension shall take effect immediately and will be in force until further instruction from us", said the letter signed by MRL chief executive officer Datuk Sri Darwis Abd Razak.
Lim said the Chinese contractor, state-owned China Communications Construction Company (CCCC), would have to make a "drastic price reduction" for the scheme to go ahead.
CCCC said it hoped both sides can find a win-win solution through negotiations and that the suspension will be lifted soon. He said the government has paid 8.3 billion ringgit ($2.1 billion) to the China Petroleum Pipeline Bureau but it has completed only 13 percent of the work.
Williams was almost as good, losing just five of 32 points on her first serve in a 6-1, 6-4 win over Viktoriya Tomova. Spare a thought for Kristina Mladenovic , who is next in the crosshairs of seven-time victor Serena Williams .
Trump walked out when he realized it was a prank. "I am the only person who immediately walked out of my " Ali G " interview". This video ends with a message saying that " Sacha Graduates Soon" followed by the logo of the short-lived Trump University .
Pruitt was a former Oklahoma attorney general who filed a number of lawsuits against the EPA, according to the agency's website. Pruitt joins the ranks of former Trump administration officials forced to resign in disgrace, raising questions about why Mr.
France will face Uruguay at Nizhny Novgorod at 7:30 PM, while five-time winners Brazil will take on Belgium at 11:30 PM in Kazan. Lawro picked the victor in six of the eight last-16 ties, and correctly predicted the outcome of 22 of the 48 group games.
Jordan told Fox that the requests never reached him, calling claims he failed to reply " ridiculous ". Strauss, plain and simple". "It was very common knowledge in the locker room that if you went to Dr.
The 27-year-old Diatchenko took the court with a meager 8-25 career record, including just two main-draw Grand Slam victories. Boulter is one of three British players left in singles after Katie Swan was beaten 6-0, 6-3 by 29th seed Mihaela Buzarnescu.
One of the girls called for help on the CB radio. "We actually heard the call for help", Kidlapik told the Canadian Press . According to Dan Pimental, Director of Policy, Department of Environment, the last fatal bear attack was in 1999.
While the policy was abandoned, it is still unclear how and when some 2,000 migrant children will be reunited with their parents. Around 6:30 p.m. they finally had her cornered and could secure a safety line on her to walk her down and put her in handcuffs.
Sounds Like Meghan Markle Has Adopted British Accent
But the 36-year-old has hung up her pantsuits and knee-high boots, trading them in for blush pink dresses and simple pumps . Since the May 19 wedding, the former actress has been accompanying the royal family to a number of public outings.
James Woods dropped by "liberal" agent on Fourth of July
I was thinking if you're feeling patriotic, you would appreciate free speech and one's right to think as an individual. She claimed the 71-year-old tried to " pick [her] up ", along with her teenage friend, when she was only 16.
Sadiq Khan Gives Green Light To Inflatable Trump Baby
The ballon will be allowed to fly for two hours, starting at 9:30 a.m. local time , on July 13 - coinciding with Mr. Mr Khan and Mr Trump have repeatedly clashed on Twitter , including in the aftermath of the London Bridge attack .