HAS NAJIB SOLD AWAY MALAYSIA'S SOVEREIGNTY? AFTER 1MDB EDRA BAILOUT, CHINA'S NUKE GIANT TO SET UP REGIONAL HQ HERE

KUALA LUMPUR — Chinese nuclear conglomerate China General Nuclear Power Corporation (CGN) will set up its regional headquarters in Malaysia, China’s news agency Xinhua reported today.

This was following CGN’s successful takeover of “clean energy assets” in the country, the report said, referring to the firm’s deal to purchase Edra Energy Bhd, the energy arm of 1Malaysia Development Berhad (1MDB), signed November last year.

Via the deal, which was completed last month, the conglomerate now owns 14 per cent of total generation capacity in the country and 13 other clean energy projects across the world.

The deal also makes CGN the biggest foreign direct investor in Malaysia, and the largest Independent Power Producer (IPP) in Egypt and Bangladesh.

CGN president Zhang Shanming said that the company will ensure “localisation of the work force” to create employment opportunities for Malaysians.

The deal came under criticism last year by opposition lawmakers who contended that a key sector such as energy should be allowed to be sold to a foreign firm.

The sale, worth RM 9.83 billion, was part of 1MDB’s restructuring programme after having acquired a RM42 billion debt.

- MALAY MAIL