fbpx
Connect with us

News

TRX Project to Go On As Planned to Avoid RM3.5 Billion Compensation, Says LGE

Published

- World Of Buzz
Source: The Patriots

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.

Lately, the controversial Tun Razak Exchange (TRX) has been the talk of the town. After all, it’s a billion ringgit project that could potentially jeopardise Malaysia’s economy if it is continued.

However, in a press conference held today (21 June 2018), finance minister Lim Guan Eng said that this project will be completed despite the massive debt we’re in, reported The Star

Guaneng Bernama 240518 1

Source: the star

Lim revealed that the Cabinet has decided to proceed with the project as the revenue that can be gained from it (once it’s completed, of course!) could be used to recover the embezzled funds as well as “repay all borrowings, recover all funding investments and opportunity costs”.

He added that the TRX project may make some profit that may benefit the country.

“Yesterday, the Cabinet has met and decided the TRX project shall be completed, with government funding up to RM2.8 billion,” he said.

They have come to this decision because if they were to stop this project, we will have to pay a lot of money for its compensation claim. 

He continued,

“The alternative of not coming up with a funding of RM2.8 billion and not completing the project, is to pay RM3.51 billion of ringgit in compensation claims, as well as an eyesore of an abandoned mega-project in the heart of Kuala Lumpur.”

“In that event, apart from having to pay compensation of RM3.51 billion, the government will also lose the RM3.7 billion transferred earlier to TRX.”

Ft 31

Source: nst

On the other hand, Lim revealed that more than RM3 billion was embezzled by 1MDB from the TRX project for its loan repayment. That’s huge loan! 

Well, it looks the Petronas Twin Tower’s position as the tallest building in Malaysia will finally be taken over by TRX since the government intends to continue the project. Hopefully, TRX will be able to bring in more revenue for us to grow as a nation!

 

Also read: Are TRX & The Exchange 106 Still Being Built? Here’s What PH is Going to Do

So, What's The Ph Government Going To Do With Trx & The Exchange 106? - World Of Buzz 4


Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.



Just In

My Post 2021 12 06T155720.623 My Post 2021 12 06T155720.623
News3 hours ago

M’sian Women’s Hockey Team Arrives at Korea but Barred From Playing After Testing Positive

The Malaysian Women’s hockey team, The Malaysian Tigress, is barred from participating in 2 tournaments at the Women’s Asian Champions...

Collage 6 1 Collage 6 1
News3 hours ago

Malaysian Politician Says Naming Places In English Over Bahasa Melayu Is DISGUSTING

The debate on the usage of our national language continues.  A few days back, MP Nazri Aziz claimed that KL...

Collage 7 1 Collage 7 1
News4 hours ago

Customs Department Officers Will Use Body-Cam To Save Them From Accusations Of Corruption

Earlier this year, it was reported that Malaysia ranks 57th in the global corruption perception index. Unfortunately, corruption is still...

Ft Kopi Ft Kopi
News4 hours ago

Price of Drinks at Kopitiams Will Increase Up To 60 sen Starting Jan 2022

Although economic activities have resumed ever since the relaxation of Covid-19 restrictions, businesses have continued to face other problems, including...

Collage 5 1 Collage 5 1
News8 hours ago

MP: Limiting Beer Sales In F&B Outlets Interferes With The Lives Of Non-Muslims

Just last month, Dewan Bandara Kuala Lumpur (DBKL) had started to enforce the ban on the sale of hard liquor...

Ft Kelvin Ft Kelvin
News8 hours ago

“Ismail Sabri is a Keluarga Malaysia Bully” Politician Demands PM to Apologise After ‘Threatening’ Sarawakians

With the Sarawak state elections coming up, many politicians have urged Malaysians to vote and to not make the ‘wrong...

Amputate Ft Amputate Ft
News9 hours ago

Austrian Doctor Fined Over RM12,900 After Amputating Elderly Man’s Wrong Leg

Talk about getting off on the wrong leg… yikes! Recently, a surgeon in Austria was fined $3,049 (RM12,900) for wrongly...

Wild Party Ft Wild Party Ft
News11 hours ago

299 Individuals Arrested In ‘Wild Pool Party’ Raid In KL

A total of 189 men and 110 women were arrested after attending a ‘wild pool party’ at a swimming pool...

Announcement

Latest Videos



TRENDING TODAY