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

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

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.

His comments followed a report on Saturday from Singapore-based Straits Times, which said that Malaysia had seized the funds from CPP's account at HSBC Malaysia.In an email sent to Reuters late on Monday, CPP said it understood Malaysia's Anti-Corruption Council ordered the fund transfer and that it was made without the company's knowledge.

Both projects were suspended by Mahathir in July last year after he defeated Najib in the 2018 national election.

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