today said the Tun Razak Exchange (TRX) project does not have to be bailed out,
adding that Finance Minister Lim Guan Eng himself today remarked that the
project will show a profit.
of TRX’s master developer TRX City Sdn Bhd (TRXC) by Ministry of Finance Inc
(MOF Inc) for a nominal sum of RM1 effective March 31, 2017, was a key step in
the broader 1Malaysia Development Bhd (1MDB) rationalisation plan.
assumed payment of certain 1MDB liabilities from April 1, 2017, in return for
the asset transfer.
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RM2.8 billion injection by MOF Inc, the TRX project will be worth at least
RM7.8 billion and show a profit. Surely it cannot be called a bail-out if the
money is to be used to generate a profit?” Najib said.
complete the TRX project and that up to RM2.8 billion would be injected to
ensure its completion.
on completion and recoup the RM3.7 billion that was paid out earlier.
Government commitments of RM3.7 billion for both the TRX and Bandar Malaysia
projects, but failed to highlight the significant land asset value contained in
both projects, in particular the Bandar Malaysia project.
Malaysia land alone could be worth RM30 billion,” he opined.
misappropriated by 1MDB.
of inter-company loans were made, over time, by TRXC to 1MDB.
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effective March 31, 2017, through a combination of cash repayments and a
set-off against dividends paid by TRXC to 1MDB.
MOF Inc and were properly reviewed and signed off by the auditors of TRXC in
the March 31, 2017 financial statements.
turn, owned 100 per cent by MOF, surely 1MDB cannot be stealing RM3 billion
from itself to service its own loan?” he remarked.
continue with the TRX project “which will bring tens of thousands of new jobs
and establish a world-class financial centre right here in Kuala Lumpur.”
outright lies in his statement today about TRXC”, which owned the 28.3-hectare
TRX and 196.7-hectare Bandar Malaysia land and projects.
statements as part of “the PH’s (Pakatan Harapan) political vengeance against
me and the previous BN (Barisan Nasional) government.”
currency, bond and stock markets. Surely the well being of our economy is much
more important than the issuance of politically motivated statements?” he
concluded.