Left Menu
Development News Edition

Malaysia seizes $240 mln from Chinese state firm's bank account -paper

Reuters | Kuala Lumpur | Updated: 14-07-2019 13:15 IST | Created: 14-07-2019 13:12 IST
Malaysia seizes $240 mln from Chinese state firm's bank account -paper
Image Credit: Flickr

Malaysia has seized more than 1 billion ringgit ($243.25 million) from a bank account of state-owned China Petroleum Pipeline Engineering Ltd (CPP), the Straits Times newspaper said on Saturday. The seizure comes nearly a year after Malaysia suspended two pipeline projects, valued at $2.3 billion, on which CPP was the lead contractor.

The Malaysian government this month ordered HSBC to transfer the funds held in the Chinese firm's account to Suria Strategic Energy Resources, which is wholly owned by the Malaysian finance ministry, the Singapore-based newspaper said. CPP was perplexed by the unilateral transfer of funds out of its account without notification, the firm, a unit of state energy giant China National Petroleum Corp, told the newspaper.

Officials of Malaysia's finance ministry, the office of its prime minister and the pipeline firm's Malaysia office did not immediately respond to requests from Reuters for comment. HSBC declined to comment, citing client confidentiality.

An official of CPP's parent, China National Petroleum, also declined to comment. In 2016, CPP won a contract from the government of former prime minister Najib Razak to build a petroleum pipeline stretching 600 km (373 miles) along the west coast of peninsular Malaysia and a 662-km (411-mile) gas pipeline in Sabah, the Malaysian state on Borneo island.

But the projects were suspended last July by Prime Minister Mahathir Mohamad, who unexpectedly defeated Najib in the 2018 election. Mahathir has vowed to renegotiate or cancel what he calls "unfair" Chinese projects authorized by Najib. The trade partners agreed this year to resume building a multi-billion-dollar rail project, after having shaved nearly a third of its costs, following months of talks that strained ties. ($1=4.1110 ringgit)

Also Read: Four foreigners detained for militant links in Malaysia



How UK’s 'best prepared' healthcare system failed to gauge COVID-19

The UK is proud of their public health system and its unlike any other country as around 90 percent of British public supports the founding principles of National Health Service. But without accurate data being available to stakeholders in ...

Poor on IHR capacity progress in 2019, WHO says Cambodia tops COVID-19 response

Despite being in proximity to Hubei, the original epicenter of COVID-19 pandemic, Cambodia has reported just 226 confirmed cases and zero deaths. After seeing the data, WHO appreciated Cambodias healthcare information system but experts dou...

Loopholes in Healthcare Information System may have failed Singapore COVID-19 model

In the initial days of the COVID-19 outbreak, Singapore was in the limelight for its effective healthcare system and pandemic response plan. However, Singapore has now joined the list of the worst-hit nations and the situation is even worse...

Australia's COVID-19 response: Digital infrastructure of help but implementation remains a challenge

Australias ongoing plans to upgrade its health information system helped by the Digital Health Strategy seem even more practical due to the pandemic. But as evident during the pandemic, administrative lapses and the complex matrix of power ...


Latest News

'Erdogan is openly calling for re-establishment of caliphate in Turkey'

Ever since Turkish President Recep Tayyip Erdogan reconsecrated the Hagia Sophia, a UNESCO world heritage site and museum, as a mosque, critics have questioned whether the move is a long-running attempt to undo Turkish secularism or an effo...

Mural of Ram Durbar installed at Ayodhya railway station

Under the re-development plan of the Ayodhya railway station, a brand new painting depicting a scene from the Ram Durbar was installed at one of the entry gates of on Monday. Speaking to ANI, Waqar Iqbal, senior section engineer work, North...

Coronavirus: Latest updates on COVID-19 crisis around the world

Here are the latest updates on the coronavirus crisis in India and other parts of the world on Monday. 207 p.m.Four persons succumb to COVID-19 in Puducherry, 178 new cases take overall tally to 3,982. 205 p.m.COVID-19 tests in India cross ...

UK rolls out 2 new rapid COVID-19 tests

Two new tests, both able to detect the novel coronavirus in just 90 minutes, will be rolled out to hospitals, care homes and laboratories across the UK to increase testing capacity and distinguish between COVID-19 and winter flu in the comi...

Give Feedback