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Tuesday, November 8, 2016

Rahman: RM2 ECRL firm backed by Finance Ministry


The 'RM2 company' signatory of the East Coast Rail Link deal is a special purpose vehicle set up with Ministry of Finance backing, said Minister in the Prime Minister's Department Abdul Rahman Dahlan.

"It is a special purpose vehicle which is wholly owned by the Finance Ministry, so even if paid-up capital is only RM2, the Malaysian government is behind it.

"There is no issue of who is behind the firm or whose interests it represents," he told reporters at the Parliament lobby.

This comes after Pakatan Harapan MPs question why Malaysia Rail Link Sdn Bhd, a newly-set up firm with an RM2 paid up capital, is signatory to the RM46 billion deal.

Rafizi earlier said that special purpose vehicles formed by government for large infrastructure projects must get Parliament approval.

For example, the prime minister tabled a motion in Parliament to use RM10 million of public funds to form a special purpose vehicle for the Kuala Lumpur-Singapore high speed rail project, Rafizi said.

However, Rahman said there is no need to do the same for the ECRL because the project was approved in cabinet and the National Economic Council.

"I tabled it in cabinet. There is no need for all projects need to be tabled in Parliament.

"We tabled the matter at the Economic Council and we decided there, but we can resolve issues raised by the opposition at Parliament," he said.

[More to follow]

--Mkini

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