Prime minister Tun Dr Mahathir Mohamad has revealed that he is alright with the idea of building the East Coast Rail Link (ECRL), but stressed that the cost should be reduced. According to Bernama, the reason the premier held renegotiating talks with China’s government was to address the matter.
Mahathir said the current terms outlined by the previous government were not beneficial for Malaysia which, among others, entailed that the money should be paid regardless of the construction progress. The entire ECRL construction will reportedly cost RM55 billion, a figure which was allocated by the former government during Budget 2017.
“All these terms need to be renegotiated, and if we get better terms, of course we will continue but we hope to reduce costs a lot because of a lot of wrong things being done. Example, borrow from China RM55 billion, we don’t think it should cost that much. The condition, is the contract given to Chinese company, used its own workers, brought everything from there. So what is there for Malaysia. We want to gain something for Malaysia,” Mahathir said.
To recap, former prime minister Datuk Seri Najib Tun Razak chose to engage China to build and finance the ECRL project because the country offered the best possible deal, of which includes a seven-year relief from servicing the loan as well as the lowest interest rate.
The engineering, procurement, construction and commissioning (EPC) contract was awarded to China Communication Construction Company (CCCC), while the financing agreement was to be with the Export Import Bank of China (EXIM). A special-purpose vehicle under the Minister of Finance Incorporated, Malaysia Rail Link (MRL), was tasked as the project owner.
Initially, the railway plan consists of two phases – Phase 1 features 21 stations across a 600.3 km route, linking Kota Bharu in Kelantan to the Integrated Transport Terminal Gombak (ITT Gombak) in Selangor (a future interchange for the LRT Kelana Jaya Line) and Phase 2, which is an 88 km combined track length from Gombak North to Port Klang, and an extension link between Kota Bharu and Pengkalan Kubor.
The Phase 1 link will reportedly allow passengers to travel from Kota Bharu to ITT Gombak in under four hours. The train is capable of operating at speeds of up to 160 km/h.
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tun, last time you said u wanna scrap ecrl, i support u. now u said u fine with it, i support u too. what ever u do, i’ll support u. I LOVE PM!
Lolz on the sarcasm there!
Tun m smiling…vincent tan orso smiling…
From villain to hero to villain, to hero and to villain back. Hidup umpama roda. Anwar pula dari hero to jail to hero to jail to hero to….
Ha ha ha. Kena kantoi. Looks like another fake news.
From the edge:
“T7 Global had inked a memorandum of understanding (MoU) with Terengganu state-linked corporation Eastern Pacific Industrial Corp Bhd (EPIC) and CMC Engineering Sdn Bhd, a wholly-owned bumiputera company, to form a consortium to undertake the construction of the RM60 billion ECRL project’s Terengganu parcel.
It is also worth noting that post the 14th general election, Berjaya Corp Bhd founder and executive chairman Tan Sri Vincent Tan Chee Yioun had emerged as a substantial shareholder of T7 Global, with the acquisition of 21 million shares or a 5.04% stake.
Tan was among some of the entrepreneurs that have been very successful under current Prime Minister Tun Dr Mahathir Mohamad’s 22 years reign, prior to his retirement in 2003. ”
SENDIRI TAULAH APA MAKSUD ARTIKEL DI ATAS YA.
SYABAS KEPADA MALAYSIA BAHARU!
Hehe.
Crony scratch Bapaks back.
Bapak scratch cronies back.
Cycle of New MY.
We don’t need anymore fake news in Malaysia…..ooooooh wai!
KUALA LUMPUR: Berjaya Corporation Bhd executive chairman Vincent Tan Chee Yioun, who surfaced as a substantial shareholder of T7 Global Bhd last month, plans to divest his entire stake in the offshore oilfield service provider.
The tycoon disclosed this today in a statement, which was issued to clarify his position and to refute any allegations, or suggestions of impropriety, or cronyism on the part of the government and Prime Minister Dr Mahathir Mohamad.
The clarification was in response to several news reports and social media articles regarding his recent purchase of 21 million shares, comprising a 5.04% stake, in T7 Global.
“These news reports are mischievous and appear to imply a sinister link between my acquisition of a substantial stake in T7 Global and the decision of the Pakatan Harapan government not to cancel the East Coast Rail Link (ECRL) project, despite earlier reports to the contrary.
yes BN cybertrooper, we bilip you. Ha ha ha ha. Dah kalah teruk teruk, masih lagi nak buat kacau.
Hahaha! Still kena kantoi for stealing pipus nicks. Cronyism in new MY is now called helping each other. Double hahaha!
Don’t be BN supporter 2.0. Accept without thinking. Not about PH win BN lost, but what he said is true. During BN time PH supporter said i scratch ur back u scratch mine. Now what?
Under previous gov, rail cost went down.
Under current gov, rail cost goes up.
But rakyat is hepi to help cronies become richer. No problemo.
ooooooh wai…Vincent Tan is our hero. He says fake news wor and he is selling his entire stake in T7 Global
oooooh wai!
In New MY, say not mean anything. Must show proof of sales. Ada resit tak? Otherwise, its another wayang story like Albertkuntas… oh wai
Aiyoh.. u still dont see the game izzit??
VT says: I had no knowledge that T7 Global is one of the contractors for the ECRL project when I purchased the shares in the company,
Tell me.. this billionaire is stupid or what invest & buy shares a company that he dont know the business portfolio?? Kwakaakaakaa..
The whole of Malaysia dah kena game! This is what the rakyat Malaysia wanted!
all good point for the press, but all i see Vincent Tan laughing to the bank.
Anybody would be fine with the ECRL, is another convenient way to get from the East Coast to the West without the grueling 3 hour drive/bus or the expensive flight there. But almost being Debt-Trap by the People’s Party into it? Furthurmore without an open tender, the contract signing was rushed and signed with a blind eye. The the RM55billion(85%) foreign loan + 3.53% interest is a liability to the Malaysian economy in the years to come and there is no absolute guarantee that the project would be profitable in another 10 years.
But suddenly ballooning from 55 Billion to 70 Billion? So where did the 15Billion going into? And why when a particular crony got involved that ‘suddenly’ this project is ok? Enuff lah!
Its not the Pipus Party that created this mess but its ur Alternative Party that did. Its the old ‘New’ MY.
Still people try to measure public transport investment by profit.There are things which cannot be measured by $$, one of them is people’s well beings & convenience- and that’s is the public transport all about.
This I agree, and the project shud continue but not when being kowtimed by Bapak and his lackeys.
Money is essential when it comes to public infrastructure, the ECRL is not a donation from the PRC, its a loan, a debt that we have to pay off. The ECRL has to be justified through weather or not it will spur the East-Coast economy as what Najib predict, most analysis say is a 50/50 now that the fate of the essential Phase 2 plan, the one that goes from Gombak to Port Klang, isn’t guaranteed.
The ECRL is also single standard gauge track railway line built on a double track formation, which mean train frequency wont be high as trains have to wait in stations for a opposite-heading train to bypass (See original Penang Hill Railway) and the fact that is shared with slower moving freight trains. Lower trains means lower passenger/freight ridership which means decrease in profitability and more importantly, lower the potential of the whole ECRL in the first place.
As I said before, we have a foreign loan to service with China, not something anyone wants atm. So to built a white elephant with loan from a foreign power is the last thing the PH government wants. But with currently development on the Vincent Tan investment that I have yet to read into admittedly, things may change.
The ECRL is a loan, yes. This uses MY money, yes. But then this needs to get cooperation from China to use it for shipping their goods. It be useless if China refuses to send goods down via train and then out thru Port Klang & Kuantan.
With double tracking, train freq will be higher cuz no need wait for one line to complete a section now, only waiting time is at stations which is peanuts, somemore most outskirts stations can be upgraded for 2 line travelling. While pipu transports is one benefit, the majority benefit is goods shipping out from China via MY.
“So what is there for Malaysia. We want to gain something for Malaysia” Tun M
Correction, your statement should be:
“We want to gain something for my cronies”
MY pipu have voted to bring cronyism back, so what to do?
Vincent Tan just clarified it is fake news….ooooh wai!
Kalau 160 km/h tu samalah dengan ets punya train. Apa yang high speed?
ECRL isnt high speed lar. Facepalm!
Ini sesat kes ke tah apa? Artikel kata ECRL bukannya HSR.