Sunday, 16 December, 2018

Malaysian PM Mahathir to discuss China mega-projects on August visit

Malaysia suspends construction of major Belt and Road rail project Malaysian PM says law must take its course in Najib case
Pablo Mccormick | 06 July, 2018, 20:51

A flagship scheme of China's Belt and Road Initiative, the 688km East Coast Rail Link (ECRL) had been meant to connect Malaysia's west coast to rural northeastern states with 23 stations, and was initiated under the previous government of Najib Razak, who was this week charged with corruption.

The new government of Mahathir Mohamad, elected by a surprise result on 9 May, has been running the rule over major infrastructure schemes initiated by the scandal-plagued Najib government.

Mahathir said in the interview he was disappointed as Saudis did not deny involvement in the case, but he also said that so far there is no proof of the country's role.

Reuters on Thursday reported authorities were investigating whether his administration made use of Chinese funds for two pipeline projects to pay the dues of scandal-ridden state fund 1Malaysia Development Berhad (1MDB).

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"I want to go to China as early as possible, but the president of China is not available in July so I will go in August", Mahathir said at a news conference in the administrative capital Putrajaya outside Kuala Lumpur.

She wrote on a closed Facebook group "Malaysians for Civil Liberty" yesterday that her bank informed her that they received instructions to freeze not only her bank account, but also her son's account.

Finance Minister Lim Guan Eng had already raised questions over the payments for the pipeline projects to CPPB last month. 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.

The USD 20 billion project was contracted with China's largest engineering firm, China Communications Construction Company, and mostly financed by a loan from the Export-Import Bank of China.

Apple's Next iPhone Series Rumored To Launch With New Colors
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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 too costly.

He is showing a potential willingness to scrap global projects that he believes are not in the country's interests.

Najib was charged Wednesday for criminal breach of trust and corruption arising from investigations into alleged graft at the 1MDB state investment fund.

KUALA LUMPUR, July 6 ― Prime Minister Tun Dr Mahathir Mohamad reiterated today that there will not be any political interference in the prosecution of his predecessor Datuk Seri Najib Razak.

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Samsung won't provide net income or break out divisional performance until it releases final results later this month. That compares with the 15.3 trillion-won average of analysts' estimates compiled by Bloomberg .

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