We’re entitled to do it, Dr M says on RM1 bil bank transfer

(FMT) – Prime Minister Dr Mahathir Mohamad today said the government was entitled to order the transfer of over RM1 billion from the Malaysian bank account of a Chinese state-owned company to that of a company owned by the finance ministry.

“What happened is that there was a proposal to build this pipeline. I understand that the money for 80% of (work for) the pipeline was paid but the work completed was only 13%.

“So the government is entitled to get back the money.

“Since the project was cancelled, we want to get back the money for the parts that have not been implemented,” the PPBM chairman told a press conference after a party supreme council meeting at the Perdana Leadership Foundation here.

It was reported that global banking giant HSBC was told on government orders to transfer US$243.25 million held in the Malaysian account of China Petroleum Pipeline (CPP) Engineering Ltd to Suria Strategic Resources Sdn Bhd, which is wholly owned by the finance ministry.