KUALA LUMPUR (Aug 14): Gabungan AQRS Bhd’s wholly-owned unit, AQRS The Building Company Sdn Bhd (AQRS TBC), has secured a fresh RM115 million Islamic banking facility from Maybank Islamic Bank Bhd to part finance the construction of its E-Island Residence development. AQRS TBC signed the facility in acceptance of the Fresh Commodity Murabahah Term Financing Facility-i today, Gabungan AQRS said in a stock exchange filing.
Dr Mahathir met China’s president Xi Jinping, premier Li Keqiang and chairman of the Standing Committee of the National People’s Congress of China, Li Zhanshu yesterday (Aug 20).
“We must find an exit from the projects at lowest cost possible. We will have to pay compensation. This is our own people’s stupidity; we can’t blame the Chinese for that,” said Dr Mahathir when asked about compensation for cancelling the projects.
“This is stupidity of the negotiation before. There must be exit clauses in all agreements and the exit clauses must be fair for both parties.
“He (Datuk Sri Najib Razak) is the one…I never see a contract (like this before), that money (is) paid before the work (gets) done….What kind of stupidity of this, (you need) to pay on time, without any conditions that work must be done,” Dr Mahathir commented.
The money that has been drawn down from the loans extended to the three projects, is not in proportion to the work in progress. “So, we need (to) find out why the money (was) paid and no work done. All negotiation will be done by our people,” Dr Mahathir said.
“We will recover the money from Najib,” he added, when asked how the government would pay back the sum that has been drawn down.
The three projects, namely ECRL, multi-product pipeline in Malacca and Trans-Sabah Gas pipeline which were undertaken by the Barisan-Nasional government, have been under scrutiny after Pakatan Harapan gained controlled of Putrajaya.
The new government has put a stop work notice to the three projects, after they had discovered that the project costs have bloated to unjustified levels. Such high cost of infrastructure projects would further strain the country’s fiscal position.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Upup168
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Posted by Upup168 > 2018-08-08 18:14 | Report Abuse
closed 1.42, try to break 1.45.. tmr show time!! today collecting a lot at 1.42..