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No ‘Flip-Flop’ On Bandar Malaysia Deal – Abdul Rahman

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SHAH ALAM – There is no “flip-flop” in the government’s decision on the termination of the share sale agreement (SSA) for the Bandar Malaysia development project, says Minister in the Prime Minister’s Department, Datuk Seri Abdul Rahman Dahlan.

He said Prime Minister Datuk Seri Najib Tun Razak had acted in the best interest of Malaysians by legally terminating the contract in a bid to find a better deal.

“During his trip to Beijing, the prime minister made it clear that the new consortium might include the previous consortium players. So, there is no issue here.

“The deal was never a flip flop. There were certain conditions not fulfilled by the previous consortium, so the government terminated the deal, legally,” he told a press conference after presenting certificate of completion to the trainees of MMC Gamuda’s Tunnelling Training Academy here,today.

Recently, TRX City Sdn Bhd announced that the Bandar Malaysia share sales agreement with Iskandar Waterfront Holdings Sdn Bhd (IWH) and China Railway Engineering Corp (M) Sdn Bhd (CREC) involving 60 per cent of the issued and paid-up capital of Bandar Malaysia Sdn Bhd had lapsed due to the failure of the purchasing companies to fulfill payment obligations.

It was reported that the consortium, IWH-CREC Sdn Bhd, had failed to pay RM7.42 billion for the 60 per cent stake despite it being granted repeated extensions since December 2015.

According to TRX City, the Finance Ministry would continue to retain 100 per cent ownership in Bandar Malaysia and ensure the development of the property truly provides benefits to the country. – BERNAMA

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