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At least RM10b can be claimed back from ECRL contractor - Guan Eng

  • Oct 22, 2018
PARLIAMENT | Finance Minister Lim Guan Eng said today Malaysia Rail Link (MRL) Bhd could claim back RM10.02 billion from China Communications Construction Company Ltd (CCCC) if the government makes a final decision to cancel the project.Lim (Harapan-Bagan) said the figure represented advance payments made by MRL to the China-owned company.“I would like to highlight that the advance payment of RM10.02 can be reclaimed by MRL if the project is cancelled.“So in the worse case scenario, MRL can
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Beijing says it respects 'adequately communicated' decision on ECRL

  • Oct 14, 2018
China has acknowledged there are debt issues with some projects under its One Belt One Road (Obor) Initiative, including Malaysia's move to issue a stop-work order on the East Coast Railway Link (ECRL) project. Speaking on the sidelines of annual International Monetary Fund and World Bank meetings in Bali, the country's finance vice-minister Zou Jiayi told Reuters that Beijing fully respected Malaysia’s decision-making and judgment. Zou said this was as the projects were signed on a comm
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Gov't received offers as low as RM10b for ECRL, says Dr M

  • Aug 28, 2018
As Putrajaya mulls the options for the East Coast Rail Link (ECRL), Prime Minister Dr Mahathir Mohamad revealed that they have received offers to do it for as low as RM10 billion."Some even said they can do the ECRL for RM10 billion instead of RM55 billion. Some are Chinese companies, some are local companies."We have to talk with them if there is a possibility of reducing the cost from RM55 billion to RM10 billion. We would be stupid not to accept."But we have to study whether in fact, you can
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PM: ECRL project still under scrutiny

  • Aug 24, 2018
Dr Mahathir Mohamad today clarified that studies are still being made on whether to defer the China-backed multi-billion ringgit East Coast Rail Link (ECRL) project or deal with it in some other way.“At the moment they are studying whether to defer or to give it to another (party). But we have to also negotiate with them (China), if they agree, (then) we can do it,” he said.The prime minister was queried on news reports quoting him as saying during a recent visit to China that the government
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Dr M: ECRL like taking loan to buy diamond for your wife

  • Aug 20, 2018
Prime Minister Dr Mahathir Mohamad has warned of debt traps such as the East Coast Railway Link (ECRL) project, likening it to buying a diamond for a wife."Supposedly you want to buy a diamond for your wife with your money but you can't afford it. What can you do? You borrow money and buy the diamond ring, then forever be in debt. That is not wise."The previous government borrowed money, huge sums of money. To borrow money under very bad conditions and to pay very high interest."We are not going
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Teng: ECRL halt will not impact China's investment in M'sia

  • Aug 11, 2018
Selangor executive councillor Teng Chang Khim believes that Putrajaya's decision to call off the East Coast Railway Line (ECRL) project would not scare away other China investors. According to Teng, the ECRL halt is an isolated case, and it does not reflect on Malaysia's attitude towards other Chinese investments. He explained that China's investments could be split into two "waves" - the first being infrastructure-related on a government-to-government (G2G) basis, while the second is inve
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Teng: ECRL halt will not impact China's investment in M'sia

  • Aug 10, 2018
Selangor executive councillor Teng Chang Khim believes that Putrajaya's decision to call off the East Coast Railway Line (ECRL) project would not scare away other China investors.According to Teng, the ECRL halt is an isolated case, and it does not reflect on Malaysia's attitude towards other Chinese investments.He explained that China's investments could be split into two "waves" - the first being infrastructure-related on a government-to-government (G2G) basis, while the second is investments
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China delegation in KL to discuss ECRL, pipeline projects – source

  • Jul 28, 2018
A high-level delegation from China is in Malaysia to discuss the East Coast Rail Line (ECRL) project as well as the gas pipeline projects under the Finance Ministry unit Suria Strategic Energy Resources Sdn Bhd (SSER), according to a government source.“I was informed that the talks start today,” the source said.SSER had awarded the two pipeline projects - the Multi-Product Pipeline (MPP) and the Trans-Sabah Gas Pipeline (TSGP) - worth RM9.4 billion to China Petroleum Pipeline Bureau (CPPB).T
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MRL denies ECRL project ongoing despite suspension

  • Jul 9, 2018
Malaysia Rail Link Sdn Bhd (MRL) has reaffirmed that the East Coast Rail Line (ECRL) project is currently suspended and no other works to progress it will take place at this time, in line with the Finance Ministry's suspension order. However, the ECRL project owner said during the suspension period, it and main contractor China Communications Construction Company Ltd (CCCC) would still conduct regular checks on the condition of the sites to ensure the integrity of the existing works and carry
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Guan Eng: ECRL, pipeline projects suspension not targetting China

  • Jul 5, 2018
Finance Minister Lim Guan Eng today said the suspension of the East Coast Rail Link (ECRL), Multi-Product Pipeline (MPP) and Trans-Sabah Gas Pipeline (TSGP) projects was not intended to target China.Lim added that the suspension of all three projects which were being built by China state-owned companies was made on Prime Minister Dr Mahathir Mohamad's instruction."The prime minister, after seeking advice from the attorney-general, has instructed the Finance Ministry to issue a 'suspension notice
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