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Daim arrives in Beijing, meets China's foreign minister

  • Jul 19, 2018
Council of Eminent Persons chairperson Daim Zainuddin was today officially received by China's foreign minister Wang Yi in Beijing.According to China's foreign ministry website, Wang said Malaysia and China were long-time friends and strategic partners that had gone through various challenges together."Both countries had recently formed new governments. Both countries are on a new point in history," the minister said.Wang added that China was willing to help develop Malaysia and deepen cooperati
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Pua: Clear elements of money laundering in SSER-China firm deal

  • Jul 17, 2018
There is evidence of money laundering in the two fuel pipeline projects suspended by Putrajaya, claimed Damansara MP Tony Pua.The two projects are the Multi-Product Pipeline (MPP) in Malacca valued at RM5.35 billion, and the RM4.06 billion Trans-Sabah Gas Pipeline (TSGP)."The entire project smelled like a scam. Clearly, elements of money laundering are taking place."We were giving money out – to a Chinese company – and we suspect this money is being funnelled to parties related to the previo
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China official denies Jho Low is in the country

  • Jul 12, 2018
A Chinese official has denied that fugitive Malaysian businessperson Low Taek Jho is hiding in mainland China.According to the South China Morning Post, the Chinese official refuted the daily's earlier report that Low was believed to have travelled from Macau to the mainland."He definitely is not in mainland China, any claim that he is hiding in the mainland is irresponsible," it quoted the government source as saying.On Tuesday, Malaysian inspector-general of police Mohamad Fuzi Harun said a po
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Cat and mouse game continues - Jho Low now in China, claims report

  • Jul 11, 2018
Fugitive Malaysian-born businessperson Jho Low continues to hop across borders with a news report claiming that he is now in China.Citing sources, the South China Morning Post said while Low's exact whereabouts in China are unknown, he is believed to have fled Macau either by car or private jet.“It is almost, without doubt, safe to say that Low is now on the mainland. In fact, that is probably one of the reasons he came to Macau in the first place," a security source was quoted as saying.Malay
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Dr M plans Beijing trip after putting RM80b of projects on ice: sources

  • Jul 6, 2018
Malaysian and Chinese officials are in talks for Prime Minister Mahathir Mohamad to visit Beijing soon, two sources with knowledge of the discussions told Reuters, after Kuala Lumpur suspended China-backed projects worth more than RM80 billion.Mahathir, who came to power in May following a stunning election defeat for then prime minister Najib Razak, is reviewing major projects signed by the former government, saying many of them do not make financial sense for Malaysia.His trip to Beijing has b
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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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Malaysia investigates China-backed project links with 1MDB - official

  • Jul 5, 2018
Malaysia is investigating whether part of a loan from a Chinese state-owned bank for projects worth $2.3 billion (RM9.3 billion) was used to help repay dues of a scandal-ridden state fund, a finance ministry official told Reuters.The projects to build two pipelines were signed in 2016 by the administration of former premier Najib Razak, who courted Chinese investment but was ousted in an election in May amid allegations of corruption at the fund, 1Malaysia Development Berhad.Najib, who was charg
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Guan Eng’s trip to China to find middle ground on lopsided contracts’

  • Jun 20, 2018
Finance Minister Lim Guan Eng’s upcoming trip to China will be a fact-finding expedition, in terms of determining the reasoning behind the apparent lopsidedness of project agreements signed with the country.This was revealed by Bersatu policy and strategy chief Rais Hussin, who also said Putrajaya would seek to find “middle ground” with China on these agreements."A lot of these agreements are one-sided, so there must be some form of a middle ground. We want to find out why there is a highe
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China ‘lost the plot’ in striking deals with Najib govt, says expert

  • Jun 17, 2018
Universiti Malaya’s Peter TC Chang says China needs to prohibit collusion between its companies and 'corrupt regimes' overseas, while ensuring care for civil liberties in its dealings.Beijing must set in place stronger moral oversight of its fast expanding international footprint, like in the ECRL rail project in Malaysia.PETALING JAYA: An expert on China’s international relations has claimed that the superpower “lost the plot” in its dealings with the previous Malaysian government and n
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China contracts, 1MDB and a further RM30b loss

  • Jun 14, 2018
A QUESTION OF BUSINESS | For me, the most astonishing revelation so far about the country’s finances is the massive overpricing of contracts awarded to Chinese state-owned companies, the rather strange payment arrangements and the possible links between these and the failed state-owned 1MDB. Further, losses - if paid monies cannot be recovered - could amount to around RM30 billion raising potential losses involving 1MDB to at least RM60 billion and highlighting the need to address these los
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