Malaysia seized $240 million from Chinese company over pipeline project: PM Mahathir

  • 📰 Reuters
  • ⏱ Reading Time:
  • 31 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 97%

Business News News

Business Business Latest News,Business Business Headlines

Malaysia seized more than 1 billion ringgit ($243.5 million) from a bank account...

KUALA LUMPUR - Malaysia seized more than 1 billion ringgit from a bank account of state-owned China Petroleum Pipeline Engineering over incomplete pipeline projects, Prime Minister Mahathir Mohamad said on Monday.

“I understand that money for 80% of the pipeline was paid, but the work completed was only 13%,” Mahathir told reporters. “So the government is entitled to get back the money, since the project was canceled.” In 2016 CPP won a contract from the government of former prime minister Najib Razak to build a 600km petroleum pipeline along the west coast of peninsular Malaysia and a 662km gas pipeline in Sabah, the Malaysian state on Borneo island.

Malaysia and China this year agreed to resume a multibillion-dollar rail project after shaving off nearly a third of its cost to 44 billion ringgit.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Good job PM Mahathir

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in BUSİNESS

Business Business Latest News, Business Business Headlines