Malaysia to scrap Kuala Lumpur - Singapore high-speed project

Mahathir confirms high-speed rail project with Singapore to be scrapped - The Jakarta Post

Mahathir confirms high-speed rail project with Singapore to be scrapped - The Jakarta Post

"We were confident of our case, and the correctness of the ICJ decision", Vivian said.

In a separate CNA interview with Loke, the transport minister said that Malaysia could revisit the HSR project when its financial position is better.

"We will wait for official communication from Malaysia".

"This includes the land acquisition cost to be paid to Malaysians based on the worldwide rating", he said.

It came after Mahathir announced this week that he was scrapping a planned high-speed railway between Kuala Lumpur and Singapore, as he seeks to improve the nation's finances.

He said the decision to cancel the project was taken "to reduce the amount of borrowings" by Najib.

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Currently, in Delhi, the petrol price is Rs. 77.47, while in Mumbai, it touched Rs 85.29 per litre. Brent crude futures, the global benchmark for oil prices , traded at $74.76 a barrel on the ICE.

"As far as the leaders from China and the Chinese are concerned, we have made it clear that we are going to look at all these contracts again because they are very costly for the government and will incur huge debts, which we can not pay", he was reported as saying.

Mahathir has reopened an investigation into 1MDB following his election victory.

Meanwhile, Public Investment Bank has downgraded Gamuda Bhd to "Neutral" at RM4.13 with a lower target (TP) price of RM4.30 (from RM6.20) due to market fears on the high speed rail (HSR) confirmed and the increasing uncertainties surrounding the toll concessions. Why make enemies with such cavalier talks when we need all the friends in the world to help us rebuild a broken country?

Mahathir on Monday said he believed Malaysia would incur a 500 million ringgit (US$125 million) penalty payable to Singapore for its unilateral decision to cancel the project - part of a binding bilateral agreement signed by Najib's administration and Singapore in 2016.

Najib said the project involved years of detailed research that proved it would bring social and economic benefits for both Malaysia and Singapore.

"If we don't do it, not only we have to incur abortive cost in our own border, we also may have to provide compensation to Singapore", said company CEO Mohd Nur Ismal Mohamed Kamal. "We do not want to add on to debts and the pressure on the government", he added. "I would like to ask Dr Mahathir if projects such as Pan Borneo Highway and Central Spine Road that are toll-free, as well as Light Rail Transit (LRT), Mass Rapid Transit (MRT) and monorail, only obtain returns via ticket sales alone?" Minister of Finance, Lim Guan Eng ends the statement by expressing their honest appreciation and gratitude to all Malaysians for all their support and concern.

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