China or we say PRC have no money left.
It does not take a rocket scientist to figure out that china is facing a massive financial crisis on its own and due to its secretive nature, the news will only be tickling out slow by slow until when it cannot contained it, the flood comes out and floods the whole world financial system causing it to crash like never before. China holds 3 to 5 Trillion USD of United States of America’s government debts.
It does not take a rocket scientist to figure out that china is facing a massive financial crisis on its own and due to its secretive nature, the news will only be tickling out slow by slow until when it cannot contained it, the flood comes out and floods the whole world financial system causing it to crash like never before. China holds 3 to 5 Trillion USD of United States of America’s government debts.
Malaysia is a small fry in this and this should be the indication
of what is going to come next. We do not have a Noah in our midst to save us
all from what’s to come and wars will be fought because countries will be in turmoil
and people will be starving.
More China Deals with Malaysia will be collapsing like a domino
chips in the coming weeks and months.
Watch this space
Read below and worries is least of our worries
Read more Ekovest in free fall after Bandar Malaysia deal aborted
DAP secretary-general Lim Guan Eng says the aborted deal may have other repercussions as it was tied to moves to salvage 1MDB.
KUALA LUMPUR: The DAP wants Prime Minister Najib Razak to explain why the Bandar Malaysia development agreement with the consortium of Iskandar Waterfront Holdings Sdn Bhd (IWH) and China Railway Engineering Corp (M) Sdn Bhd (CREC) has lapsed.
DAP secretary-general Lim Guan Eng said in a statement: “This raises serious issues of accountability and transparency, especially why 10 extensions of time to make payment were granted since Dec 31, 2015, and whether the RM741 million deposit paid by IWH CREC will be forfeited.”
With the lapsing of the agreement, IWH and CREC are no longer the master developers of the RM200 billion Bandar Malaysia project.
TRX City Sdn Bhd, a unit under the ministry of finance, said in a statement Wednesday that despite repeated extensions being granted, IWH CREC had failed to meet the payment obligations outlined in the conditions under the share sale agreement (SSA).
As a result, it had said, the SSA between the parties was null and void.
IWH CREC today disputed the reasons given by TRX City for the deal collapsing.
In December 2015, the government announced that IWH CREC would acquire a 60% stake in Bandar Malaysia from 1Malaysia Development Bhd (1MDB) for RM7.41 billion. This was part of 1MDB’s efforts to pare down its debts through an asset monetisation exercise.
Lim asked today: “What was the rationale for granting extensions and were the interests of Malaysians protected when so many extensions of time were granted?
“As IWH CREC is a 60:40 joint venture between IWH and CREC, with the Johor government owning 40% of IWH through Kumpulan Prasarana Rakyat Johor Sdn Bhd, how will the Johor people lose out following the aborted deal?”
The Bagan MP said as CREC was a Tier-1 Chinese government federal agency, funding was definitely not an issue.
“No wonder the Asian Wall Street Journal reported that the deal fell through because the Chinese government refused to authorise the deal, without stating any reasons.
“This aborted deal demonstrates a distinct lack of confidence in the direction as well as the viability of Bandar Malaysia,” Lim claimed.
He said the aborted deal would have other possible repercussions as it was part of “a critical pillar to salvage and resolve the 1MDB RM52 billion scandal through this rationalisation plan”.
He wondered how this would affect investor confidence and the value of the ringgit.
And also
TRX City's stake sale in Bandar Malaysia aborted
Sulhi Azman theedgemarkets.com May 03, 2017 19:23 pm MYT
KUALA LUMPUR: TRX City Sdn Bhd, an indirect wholly-owned subsidiary of the Ministry of Finance (MoF), said the sale of its 60% interest in Bandar Malaysia Sdn Bhd has lapsed.
"Despite repeated extensions being granted, IWH CREC Sdn Bhd failed to meet the payment obligations outlined in the conditions precedent under the SSA. As a result, the share sale agreement between the parties stands null and void with immediate effect," it said in a statement today.
TRX City said it will immediately be inviting expressions of interest for the role of master developer of the Bandar Malaysia project in Sungai Besi here, with full ownership being preserved by the MoF.
IWH CREC is a 60:40 joint venture between Iskandar Waterfront Holdings Sdn Bhd (IWH) and China Railway Engineering Corp (M) Sdn Bhd (CREC).
On Dec 31, 2015, TRX City had entered into a share sale agreement (SSA) with the consortium of IWH and CREC for the sale of the 60% stake.
The Sungai Besi land is currently owned by TRX City (formerly 1MDB Real Estate Sdn Bhd) and Bandar Malaysia Sdn Bhd. TRX City Sdn Bhd owns four plots while Bandar Malaysia Sdn Bhd owns 12 plots, which collectively make up 486 acres of the project.
"Looking ahead, given a significant appreciation in the value of the Bandar Malaysia land, MoF will now be retaining 100% ownership of the site to ensure that the Malaysian people benefit from its development in its entirety," said TRX City.
On the selection process for the master developer of Bandar Malaysia, TRX City said the criteria will include track record, speed of delivery and financial capability for such large scale development.
"This is to enhance all aspects of Bandar Malaysia, including its role as a business, transport, residential and tourism hub.
"The steps taken today will ensure that there is no detrimental impact on the long-term development of Bandar Malaysia and that, upon its completion, the site will serve the national interest to an even greater extent than before," it added.
Iskandar Waterfront trading halted after sale of TRX City’s stake in Bandar Malaysia aborted
theedgemarkets.com
theedgemarkets.com May 04, 2017 09:31 am MYT
KUALA LUMPUR (May 4): Trading in the shares of Iskandar Waterfront City Bhd (IWCity) was suspended this morning after TRX City Sdn Bhd, an indirect wholly-owned subsidiary of the Ministry of Finance (MoF), said the sale of its 60% interest in Bandar Malaysia Sdn Bhd has lapsed.
"Despite repeated extensions being granted, IWH CREC Sdn Bhd failed to meet the payment obligations outlined in the conditions precedent under the SSA. As a result, the share sale agreement between the parties stands null and void with immediate effect," it said in a statement yesterday.
TRX City said it will immediately be inviting expressions of interest for the role of master developer of the Bandar Malaysia project in Sungai Besi here, with full ownership being preserved by the MoF.
IWH CREC is a 60:40 joint venture between Iskandar Waterfront Holdings Sdn Bhd (IWH) and China Railway Engineering Corp (M) Sdn Bhd (CREC).
IWCity was last traded at RM3.08.
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