The 1MDB-linked Tun Razak Exchange (TRX) mega-project has been successfully “detoxified” following a review of it by Pakatan Harapan, Finance Minister Lim Guan Eng said today.
Speaking at the official launch of TRX’s lifestyle precinct in the capital dubbed “The Exchange”, he hailed it as an example of government’s ability to rescue BN-era projects.
“[...] upon assuming the role of minister, I ordered a review of all government-related projects including TRX.
“After this review, they presented it to (the) cabinet which agreed that while we do the necessary detoxification of assets, we must allow these assets to proceed and not allow them to be collateral damage to the excesses of the past government.
“This project is a symbol of the successful isolation and quarantine of those projects which had certain issues. So those unconnected and unrelated (segments) can proceed based on market norms and best international practices,” he said.
“So rest assured that the TRX is detoxified. It has now been cleaned up and is moving forward as a world-class international (and) global project.
“[...] we are slowly but surely exorcising the ghosts of 1MDB which have tainted Malaysia and once again we are to be touted as a destination of choice for both business and investment,” Lim added.
He said the success was further evident in how the RM40 billion development had just secured a RM2.15 billion loan from a consortium of banks comprising HSBC, Maybank, Standard Chartered and the Sumitomo Mitsui Banking Corp (SMBC).
Representatives from all four banks were present at the launch today.
'People will forget 1MDB'
Also present was Sydney-based international property group Lendlease who is developing the project in a joint venture with MOF-owned TRX City Sdn Bhd.
Lendlease Asia CEO Tony Lombardo told a post-launch press conference that the global 1MDB scandal had not affected confidence in TRX.
“From our perspective, our partner for the project has always been the ministry of finance [...] and has not been 1MDB.
“[...] what you're seeing is confidence of international investors who believe in this project and the other banks today (who are) coming on board.
“[...] in time, everyone will notice and when we create this place they will see the place and people will forget about 1MDB,” he said, adding the firm had performed the necessary due diligence before obtaining the contract back in 2013.
This 17-acre lifestyle precinct of TRX will comprise retail space, a hotel and an elevated 10-acre park when completed in 2021. - Mkini
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