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MALAYSIA: TRX IS NO BAILOUT AS IT CAN TURN A PROFIT, SAYS FORMER PM

KUALA LUMPUR, June 22 (NNNBernama) Former Prime Minister Datuk Seri Najib Razak today said the Tun Razak Exchange (TRX) project does not have to be bailed out, adding that Finance Minister Lim Guan Eng himself today remarked that the project will show a profit.

In a posting on his Facebook account, he said the takeover of TRX’s master developer TRX City Sdn Bhd (TRXC) by Ministry of Finance Inc (MOF Inc) for a nominal sum of RM1 effective March 31, 2017, was a key step in the broader 1Malaysia Development Bhd (1MDB) rationalisation plan.

“After taking over the two prime assets, MOF Inc then assumed payment of certain 1MDB liabilities from April 1, 2017, in return for the asset transfer.

“YB Lim himself admits that even with a further ‘up to’ RM2.8 billion injection by MOF Inc, the TRX project will be worth at least RM7.8 billion and show a profit. Surely it cannot be called a bailout if the money is to be used to generate a profit, ” Najib said.

At a press conference today, Lim said the Cabinet decided to complete the TRX project and that up to RM2.8 billion would be injected to ensure its completion.NNNBernama

Source: NAM News Network

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