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Rafizi foresees another SRC Intl in ECRL's RM2 company
Published:  Nov 9, 2016 2:04 PM
Updated: 7:30 AM

Putrajaya's decision to use a company it does not directly own to sign the East Coast Rail Link deal has led to PKR vice-president Rafizi Ramli evoking bad memories on SRC International Sdn Bhd's loan troubles.

Rafizi said Companies Commission documents clearly state that the firm, Malaysia Rail Link Sdn Bhd, was owned by two finance ministry officials and not any entities belonging to the government.

"Even if the two shareholders agree to transfer the shares to the Ministry of Finance Inc (MOF Inc), what process would be used to allow the MOF Inc to take over the RM46 billion debt?

"The deal was signed through a company that has no official links with the Malaysian government," said Rafizi in a statement today.

He said Malaysians had seen a similar scheme before in the form of SRC International.

1MDB established SRC International in 2011. Following this, Putrajaya allowed SRC International to borrow RM4 billion from Malaysia's Retirement Fund Incorporated (KWAP).

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