Malaysia

Dr M: China Communications to refund part of ECRL RM3.1b advance payment
PUTRAJAYA (April 15): Prime Minister Tun Dr Mahathir Mohamad said today China Communications Construction Co will refund to the Malaysian government within a month RM1 billion, which forms a portion of the RM3.1 billion ($1 billion) advance payment for phase 2 of the proposed East Coast Rail Link (ECRL) project. The refund follows Malaysia Rail Link Sdn Bhd and China Communications ...
Felda was cheated in Eagle High purchase, says director general
KUALA LUMPUR (April 9): Federal Land Development Authority (Felda) director-general Datuk Dr Othman Omar had yesterday evening lodged a police report at the police commercial crime unit here, claiming that it was cheated into entering into a "one-sided" deal for the sale and purchase of PT Eagle High Plantations Tbk (EHP), owned by the Rajawali Group, two years ago. See: KPF’s sale of FGV ...
Johor MB aware of world's largest ship-to-ship hub project in JB: Dr M
PUTRAJAYA (Apr 2): With the development of world's largest ship-to-ship hub in Johor Baru port waters, Prime Minister Tun Dr Mahathir Mohamad said Johor Menteri Besar Datuk Osman Sapian is well aware of the project. "Actually, the Johor MB knows about this project, he asked me about it yesterday," said Dr Mahathir in a press conference, after a signing ceremony here today. KA Petra Sdn Bhd has ...
Malaysia oil-services firm Yinson sails to the rescue of Ezion
(Apr 2): Malaysia-listed oil-services firm Yinson Holdings Bhd has come to the rescue of Ezion Holdings. The loss-making Singapore liftboats operator will be acquired by a unit of Yinson after it struck a deal with Ezion's lenders. See: Over 99% of Ezion shareholders vote in support of debt refinancing package See also: Ezion suspends shares, seeks restructuring On Monday, Yinson Eden ...
Mahathir says some Malaysian state-owned entities may be listed
KUALA LUMPUR (Mar 19): Malaysia may list certain state-owned entities to cut government debt and liabilities, Prime Minister Mahathir Mohamad said on Tuesday as it seeks new revenue sources to boost its fiscal position. Dr Mahathir, elected in a stunning upset last year, has blamed the previous administration of Najib Razak for saddling Malaysia with debt and liabilities of more than RM1 ...
To shut, sell or refinance Malaysia Airlines? PM Mahathir to decide 'soon'
(Mar 12): The Malaysian government is considering whether to shut, sell or refinance national carrier Malaysia Airlines (MAB), Prime Minister Mahathir Mohamad said on Tuesday. The government was studying options for the national carrier, and a decision should be made “soon”, Mahathir said, when asked about analysts’ suggestions the airline be shut down or spun off. “It is a very ...
Malaysia's stock market is Asia's only loser of 2019
KUALA LUMPUR/SINGAPORE (Mar 12): The euphoria following Malaysia’s historic election last May has faded, leaving its stock market as Asia’s only one in the red this year. The benchmark FTSE Bursa Malaysia KLCI index has fallen more than 1% so far in 2019, the only decliner in the region, while neighboring Singapore has surged 4% and Indonesia gained 3%. The trend is unlikely to change as ...
Former Sabah chief minister charged over $54 mil illegal funds
KUALA LUMPUR (Mar 6): Former Sabah chief minister Tan Sri Musa Aman claimed trial yesterday to 16 counts of money laundering involving US$37.8 million ($51.2 million) and $2.5 million in the Sessions Court here. Musa, 69, was firstly charged with directing his proxy Richard Christopher Barnes, who is also his lawyer, to open a UBS AG Bank account in Singapore on June 21, 2006 for the ...
Khazanah posts first pre-tax loss since 2005
KUALA LUMPUR (Mar 6): Khazanah Nasional Bhd posted its first pre-tax loss in 13 years in 2018, amid significant impairment provisions made during the year — a big chunk of which was due to Malaysia Airlines Bhd (MAB) — but hopes to return to profitability in 2019. The sovereign wealth fund reported a pre-tax loss of RM6.3 billion ($2.09 billion) for 2018, compared to its pre-tax profit of ...
Malaysia nears deal with China to revive ECRL project
(Feb 19): Malaysia is making progress in talks with China to revive a high-speed rail project that Prime Minister Tun Dr Mahathir Mohamad’s government said it would cancel, according to Foreign Minister Datuk Saifuddin Abdullah. China is willing to reduce the US$20 billion price tag for the East Coast Rail Link project and talks are “in the last mile,” Saifuddin said in an interview ...