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

  • 📰 ChannelNewsAsia
  • ⏱ Reading Time:
  • 29 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 66%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

KUALA LUMPUR: Malaysia seized more than 1 billion ringgit (US$243.5 million) from a bank account of state-owned China Petroleum Pipeline ...

"I understand that money for 80 per cent of the pipeline was paid, but the work completed was only 13 per cent," Mahathir told reporters."So the government is entitled to get back the money, since the project was cancelled."

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. Mahathir had vowed to renegotiate or cancel what he calls"unfair" Chinese projects authorised by Najib, straining ties with Malaysia's biggest trading partner.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.

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:

 /  🏆 6. in MY
 

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

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

China says will freeze out US companies that sell Taiwan armsBEIJING: China's government and Chinese companies will cut business ties with US firms selling arms to Taiwan, China's Foreign Ministry said on ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »