Gamuda falls 6.05% after HSR scrapped and rating downgraded

Hannah Rogers
May 30, 2018

The Singapore government has also invested a fair bit in planning and early projections for the project such as engaging planners and civil engineers, said Azman Jaafar, deputy managing partner of RHTLaw Taylor Wessing and chairman of Asean Plus Group.

The government is scrapping the third mass rapid transit line (MRT3) project, which is estimated to cost up to RM40 billion to build, Prime Minister Tun Dr Mahathir Mohamad said today.

"We can tell our children and grandchildren of this initiative that we all took part in to save Negaraku [my country] Malaysia", she said.

"The terms and agreement for the HSR are such that if we decide to drop the project, it would cost us a lot of money".

He added: "When Malaysia requested to discontinue the cases, without them being argued, we were happy to agree".

"This includes the land acquisition cost to be paid to Malaysians based on the global rating", he said.

"As far as the leaders from China and the Chinese are concerned, we have made it clear that we are going to look at all these contracts again because they are very costly for the government and will incur huge debts, which we can not pay", he was reported as saying.

He said the decision to cancel the project was taken "to reduce the amount of borrowings" by Najib.

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"We have borrowed too much money".

The new government has said Najib - now being investigated over his role in the 1MDB financial scandal - had over leveraged the country by committing to too many infrastructure projects at the same time.

A computer generated image of the planned high-speed station at Seremban, Malaysia.

Najib also expressed his disappointment at Dr Mahathir who he claimed had failed to see the benefits beyond ticket sales.

Ever since Our Finance Minister, Lim Guan Eng announced that we have over RM1 trillion national debt, Malaysians had been heartwarmingly offering ways to help pay off the debt in their own way.

"In reality, infrastructure projects such as HSR bring benefits and returns in the form of increase in property values, local economic growth, technology transfer, high-income employment opportunities, more experts into the country from Singapore and tourism, among others".

Singapore did not have an immediate reaction to Wednesday's announcement on the rail project. Minister of Finance, Lim Guan Eng ends the statement by expressing their honest appreciation and gratitude to all Malaysians for all their support and concern.

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