PUTRAJAYA- The Cabinet has decided to complete the Tun Razak Exchange (TRX) project to prevent further financial losses to the Government.
At a press conference here Thursday (June 21), Finance Minister Lim Guan Eng said that Cabinet had decided that a maximum of RM2.8bil would be injected into the project to ensure its completion.
Lim said this was to better than having a “massive abandoned mega project” in the heart of Kuala Lumpur.
He also said that this would prevent the payment of RM3.51bil in compensation if the project is stopped.
The Minister also said that the TRX project could turn a small profit upon completion and recoup the RM3.7bil that was paid out earlier for the project.
He highlighted that of this sum, RM3bil was misappropriated to pay off 1MDB debts.
Lim said the Cabinet has decided to continue the project to recoup all misappropriated funds, repay all borrowings as well as recover all funding investments and opportunity costs.
TRXC, the company developing TRX and Bandar Malaysia, is a fully-owned government company.- The Star Online