KUALA LUMPUR: The controversial China-backed East Coast Railway Line (ECRL) project has been given a reprieve from the government as RM20 billion of the project cost has already been paid, subject to a re-negotiation of the price tag, Finance Minister Lim Guan Eng told online news portal The Malaysian Insight.
Earlier the PH Government had announced plans to scrap the project because of its exorbitant cost of RM60-RM70 billion, which various estimates claimed could be completed for under RM40 billion.
Lim was also quoted as saying in the interview with the news portal that the government was “still undecided” on whether to proceed or defer the KL-Singapore High Speed Rail (HSR).
Prior to further discussion with Singapore, Lim said the Attorney-General had been tasked to investigate the legal aspects of the projects.
“In the ECRL, we have already paid RM20 billion. So it doesn’t really make sense to just scrap it because we’ve already paid RM20 billion,” Lim reportedly said.
Lim, however, could not reveal the terms of the ECRL contract and how much recduction in cost the government was trying to negotiate.
“Let us discuss this first. We cannot have these discussions in public. The negotiations have to be done behind closed doors.”
In an earlier media report Prime Minister Tun Dr Mahathir Mohamad described the ECRL project as a strange contract, as Malaysia has to fund the project with a loan from China, while also hiring contractors from China, as opposed to drawing down the loan in Malaysia and paying it to the foreign company’s local subsidiary.
Congratulations to Tan Sri Vincent Tan whose Syarikat T7 Global will now prosper with the Malaysian government's decision to un-cancel the proposed cancellation of, and thus to continue with, the ECRL.
Earlier the PH Government had announced plans to scrap the project because of its exorbitant cost of RM60-RM70 billion, which various estimates claimed could be completed for under RM40 billion.
Lim was also quoted as saying in the interview with the news portal that the government was “still undecided” on whether to proceed or defer the KL-Singapore High Speed Rail (HSR).
Prior to further discussion with Singapore, Lim said the Attorney-General had been tasked to investigate the legal aspects of the projects.
“In the ECRL, we have already paid RM20 billion. So it doesn’t really make sense to just scrap it because we’ve already paid RM20 billion,” Lim reportedly said.
Lim, however, could not reveal the terms of the ECRL contract and how much recduction in cost the government was trying to negotiate.
“Let us discuss this first. We cannot have these discussions in public. The negotiations have to be done behind closed doors.”
In an earlier media report Prime Minister Tun Dr Mahathir Mohamad described the ECRL project as a strange contract, as Malaysia has to fund the project with a loan from China, while also hiring contractors from China, as opposed to drawing down the loan in Malaysia and paying it to the foreign company’s local subsidiary.
Tan Sri, you sure have the magic touch in business.
For more, read here.
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Little Boy Blue, come blow your horn, The sheep's in the meadow, the cow's in the corn. But where is the boy, who looks after the sheep? He's under a haystack, he's fast asleep. Will you wake him? No, not I, For if I do, he's sure to cry. for Nga Kor Ming |
A Batu Pahat guy too. Batu Pahat Power lah.
ReplyDeleteedited response from 'ravan' follows:
DeleteIncredible, 6 days after PH winning GE14 and the announcement of the ECRL project was in doubt, Vincent Tan went on a buying spree into T7? Now that the project is "revived" V Tan becomes the biggest winner. This is called [edited out]. All along the project was NOT cancelled but now "revived" and [edited out] V Tan, for shall we say 70 billion? The amount of around 55 billion is too expensive under China but now it is affordable even at 70 billion?
Mamak might be vtan's good pal he definitely won't appear as fool in this ecrl deal!
DeleteNeither would love, as a fm tasked to revive the over-pilferaged national kitty.
As a blogger well versed with the m'sia happenstances, yet u bought into this trashy story.
It ONLY means u have a lot to answer for!
So 'somebody' profited easily from Rm15 Billion? Mahathir indeed is veeeerrryyy good pals with VTan.
DeleteMahathir has a lot to answer for, but not like zombies actually care eh?
Yeah man. Starting by telling us the truth that kaytee is beholden to najib razak.
DeleteTruth hurts.....right kaytee?
You fail to consider China's Superpower Neo-colonial power that Malaysia has to bow to.
ReplyDeleteDuring the 1990's Malaysia could afford to show a middle-finger to the American Government, because we knew US corporate FDI in Malaysia had practically no influence from the US Government.
Its a very different ball game with China. Offending the PRC Government will have dire consequences for the Malaysia economy
wow, sure you're earning your dedak
DeleteI have only written true facts... but too bad , you can't face facts when they are inconvenient.
DeleteMonsterball, likewise is TS Vincent not buying HSR from YTL, Gamuda, TH, etc too? It makes sense because HSR is stopping at Batu Pahat. Perhaps, a number of Batu Pahat-ians corporates have already bought landed properties along the HSR corridor. It is only RM100.0 billion. I am sure the KLCI will shoot up. There will be a lot of billionaires. Everybody will be happy.
DeleteWow… besides fitnah, u also propagating hp6 fake news!
DeleteHow desperate can u be?
Kaytee is far superior. Rossie has given lotsa lotsa dedak
Delete"Its a very different ball game with China. Offending the PRC Government will have dire consequences for the Malaysia economy"
DeleteFinance Twitter describes how China has squeezed the testicles of a South Korean company Lotte in China to get it to pressure the South Korean government to reject the U.S. Army's THAAD in South Korea.
http://www.financetwitter.com/2018/06/china-could-do-a-south-korea-on-american-companies-and-the-strategy-would-seriously-hurt-trump.html
So China could in theory squeeze the testicles of Malaysian companies in China or of Malaysian exports into China as well.
Or maybe Geely pull it 49.9% stake out of Proton and leave Mahathir to bang testicles over where to find the brains to run Proton.
Waa...
Deletehow did "Mahathir crony Vincent Tan must untung"
become
"cannot offend PRC govt"?
Aiyoyo!!! Lu punya dedak ada air mani Vincent Tan kah?
Ck......islam lang can anyhow one hah.....
DeleteIslam kononnya.....hence god punish unknown
Najib is selling the country to China. Ini China, itu China, bla bla bla. Jatuhkan Najib, yada yada yada.
DeleteLepas Najib jatuh, "Its a very different ball game with China. Offending the PRC Government will have dire consequences for the Malaysia economy"
You tell kaytee if kaytee mock feels shame.
DeleteWhen ECRL is under BN rule, its whacked as a waste of money and the PM was selling the country to China.
DeleteWhen ECRL is under PH rule, with the crony changing hands, suddenly now its no longer a waste of money and more importantly its no longer Mahathir selling the country to China.
Something is wrong with the logic there, but meh, as long Kelantan & Terengganu reaps the benefits no matter who runs it now. It will carry Green Wave over onto the next states and onwards to the whole country.
The situation is no different from what I said back in April and also on May 11.
Deletea) ECRL was negotiated with Neo-colonial terms by Najib, probably with a massive siphoning off of funds in mind.
b) The New administration probably has no choice but to continue with the project under duress ...because the project is part of wider PRC Government Geopolitical agenda. Cancellation will invite economic retribution.
Ktemoc quoting breathlessly, unthinkingly from "Abu Leman" , another anonymous Surat Layang blog, just like Ktemoc Konsiders.... wah.. really desperate...
ReplyDeleteDe Dak must be rally good.
last week kahwin this week dapat anak
ReplyDeletechief withness of the wedding n intercourse diam diam saja? no truth to tell?
Deletenew malaysia, old malaysia, potato potata
ReplyDeleteKaytee real name?
DeleteTomay-to, Tomah-to
DeleteKronisme, Cronyism
Aah, M2.0 all over again.
ReplyDeleteAll wayang wayang to write in buddies and family into the script.
All expected!!
$$$$ was always the ultimate prize..those fools who bought it will find now before the 100 days are over!
Dont use anon....be a man....use real name
Deletehahaha! loosecannon
Deletespeak for yourself firstlah!
Again....fucking coward anon with 2 1/2" dick......be a man, use real name
DeleteKtemoc's after-potong name is Abu Leman ?
ReplyDelete