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Sunday, 7 May 2017

(The Star) Liow: Bandar Malaysia decision purely commercial

BENTONG: Cancellation of the share sale agreement on Bandar Malaysia is purely a commercial decision and has nothing to do with political relations between Malaysia and China, said Datuk Seri Liow Tiong Lai.

“It’s a commercial decision. The other party failed to make payments in time so the landowner has the right to cancel the deal and find a new partner.

“It has nothing to do with political relations between Malaysia and China,” the Transport Minister told reporters after giving a brief motivational talk to students at a tuition class at the Pahang MCA headquarters yesterday.

“The Government takes the Bandar Malaysia project very se­­riously and will not allow it to fail.

“This is a very precious piece of land. We cannot afford to delay. It would affect the development of the entire Bandar Malaysia project,” he said.

Liow also dismissed talk that the cancelled deal would negatively affect political relations between Malaysia and China.

“We’ll visit China next week and meet with the leaders,” he said.

On Wednesday, TRX City Sdn Bhd, an entity under the Ministry of Fi­­nance (MoF), announced that it has terminated the share sale agreement for the development of the 197ha plot in Sungai Besi because ICSB – the prime mover – failed to meet the payment obligations despite being granted repeated extensions.

ICSB is a consortium comprising Iskandar Waterfront Holdings Sdn Bhd and China Railway Engi­neering Corp (M) Sdn Bhd.

Following the termination of the agreement, MoF – through TRX City – owns 100% of Bandar Malaysia.

The country’s largest property project will be Malaysia’s transport nu­cleus, comprising the Kuala Lum­pur-Singapore High Speed Rail, MRT Lines, KTM Komuter, Express Rail Link and 12 highways.

The development of the land was initially given to sovereign fund 1Malaysia Development Bhd (1MDB) which selected ICSB after a competitive process.

However, as part of the restructuring of 1MDB finances, the land was returned to MoF.

Meanwhile, some 50 Form Four and Form Five students attended the free tuition class.

Taught by tutor and former Star Education columnist Sunny Yee, the fortnightly class on Physics and Additional Mathematics started last month and will continue until October.

The class is an extension of the BentongTuition.com e-tuition initiative launched last year by Liow for Bentong students at all schooling levels.