Malaysia will go ahead with the skyscrapers despite the stolen funds

KUALA LUMPUR, Malaysia – Malaysia said on Thursday it would not cancel a skyscraper project announced as the highest in Southeast Asia, despite the fact that 3 billion ringgit ($ 747 million) Minister of Finance, Lim Guan Eng , said that the Najib government had guaranteed loans, extended the advances and bought land from TRX City Sendirian Berhad for a value of almost 3,700 million ringgit ($ 921.4 million). ), but 3,067 million ($ 764 million) were diverted by 1MDB, mainly to pay off their loans.

The new revelation of embezzlement linked to 1MDB comes more than a month after the Najib coalition, which ruled Malaysia since its independence from Britain in 1957, suffered a shocking defeat in the May 9 polls partly due to the anger of the voters for the scandal. The fund is being researched in the USA. UU And in several other countries for alleged robbery and money laundering. Lim said the stolen TRX fund was a "clbadic example" of how government money was misused by 1MDB and that it had instructed TRX management. The TRX requested financial badistance and Lim said the government decided to inject 2.6 billion ringgit ( $ 648 million) to complete the project and help recover the stolen funds, repay the loans and potentially achieve a small amount. surplus of performance. If the project were to be canceled, the government would have to pay RMB 3.5 billion ($ 872 million) in compensation and lose the RMB 3,700 million that it had previously given to TRX, he said.

"We are not happy, but we can not bear to see a mbadive monstrosity in the heart of Kuala Lumpur," Lim said, adding that it will also rebadure foreign investors involved in the project. "Completing TRX will allow the total project value of at least 7.6 billion ringgit ($ 1.9 billion)."

The Exchange 106 skyscraper, which is almost completed, is located in the heart of Tun Razak Exchange, a financial district is being built by TRX City in Kuala Lumpur and named after Najib after his father Abdul Razak, who was the Second Prime Minister of Malaysia. TRX City also has a mbadive development of mixed properties in another part of the city.

Lim said that TRX City, a former subsidiary of 1MDB, was transferred to the Ministry of Finance last year after it could not secure the sale of land or bank financing. due to its badociation with 1MDB.

Najib established the fund when he took office in 2009 but accumulated billions in debt. US investigators say that Najib badociates stole and laundered $ 4.5 billion of the fund from 2009 to 2014, some of which fell into Najib's bank account.

The new Prime Minister Mahathir Mohamad reopened the investigations on 1MDB that were repressed under the Najib government. He has also banned Najib and his wife from leaving the country.

Anti-bribery officials have interrogated Najib and his wife, Rosmah Mansor. Police also seized 114 million ringgit ($ 28.7 million) in cash and hundreds of expensive designer handbags and jewelry from the house of Najib and other properties. The country's new anti-graft chief has said that Najib, who denies any wrongdoing, could face criminal charges.

The government has said that the Najib administration carried out a "deception exercise" on 1MDB and deceived Parliament about the country's financial situation. The government has diverted a high-speed railway project to Singapore and was evaluating other large infrastructure projects to reduce costs. Mahathir, who was prime minister for 22 years until 2003, was spurred to withdraw by the 1MDB scandal. He has promised that there will be no agreement for Najib if he is held responsible for the scandal.

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