Head Topics

How Malaysia approached China with a plan to bail out 1MDB

  • 📰 BDliveSA
  • ⏱ Reading Time:
  • 30 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 63%

South Africa Headlines News

The court heard how Najib Razak approved a plan to bail out the troubled state by offering stakes in several big projects to Chinese firms

Former Malaysian prime minister Najib Razak during a break at Kuala Lumpur High Court in Kuala Lumpur, Malaysia, on August 28 2019. Picture: REUTERS/LAI SENG SIN

The talking points prepared for his meeting with Chinese officials showed there were plans to use Chinese investments to help pay off the debts of 1MDB and its former unit, SRC International, Amhari told the Kuala Lumpur high court. Amhari said among the deals offered to Chinese companies to fund the bailout were two pipeline projects and the $20bn East Coast Rail Link , a major part of China’s Belt and Road initiative.

China Communications Construction, the lead contractor for the ECRL project, did not immediately respond to a request for comment on Amhari’s testimony.

Source: Law Daily Report (lawdailyreport.net)

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in ZA

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

SABC records another loss in its battle to stay afloatThe public broadcaster is struggling to convince the Treasury to bail it out
Source: BDliveSA - 🏆 12. / 63 Read more »

SABC records another loss in its battle to stay afloatThe public broadcaster is struggling to convince the Treasury to bail it out
Source: BDliveSA - 🏆 12. / 63 Read more »

Treasury is depriving provinces to bail out Eskom, says DAThe party wants parliament to reject a special appropriations bill, which it says will keep Eskom afloat at the expense of service delivery
Source: BDliveSA - 🏆 12. / 63 Read more »

Eskom, a study in fiscal futility and Darwinian stupidityBailing out Eskom, repeatedly, means more taxes for South Africans already at boiling point, writes Bukelwa Nzimande
Source: BDliveSA - 🏆 12. / 63 Read more »

Donald Trump hardens tone on China as trade war dents economyTrump urges China not to drag its feet in trade negotiations
Source: BDliveSA - 🏆 12. / 63 Read more »

Gordhan questions EFF approaching the ConCourt on Mkhwebane’s “rogue unit” reportPublic Enterprises Minister Pravin Gordhan has questioned how the Economic Freedom Fighters can pursue an appeal in his battle with the public protector over her “rogue unit” report, when she herself has withdrawn her appeal.
Source: mailandguardian - 🏆 2. / 92 Read more »