Friday 29 Mar 2024
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KUALA LUMPUR (June 8): Communications and Multimedia Minister Datuk Seri Ahmad Shabery Cheek today reiterated the Cabinet’s stand that there will be “no bailout” of 1Malaysia Development Bhd (1MDB).

"There is no bailout and we (Cabinet ministers) do not want public money to be used to bailout 1MDB's debts totalling over RM42 billion.

"This will not happen. All the Cabinet Ministers have agreed that no public funds will be used to bail out 1MDB's debt," Shabery Cheek told reporters at Parliament lobby.

Shabery, on acknowledging that 1MDB has accumulated huge debts to date to the tune of RM42 billion, said the government has given its assurance in the last Cabinet meeting that it will not use any public funds to bailout the debt-ridden strategic development fund.

His statement today came after a local daily reported that Shabery Cheek was among three ministers who had walked out of last week's Cabinet meeting over a disagreement, which he subsequently denied.

Meanwhile, Shabery questioned today why there are concerns raised over the development of Bandar Malaysia by 1MDB when the project is not an issue in Singapore.

"It is among programmes that need to be developed by 1MDB. If there is no issue in Jurong East (in Singapore), then why is there an issue here," said Shabery Cheek.

The RM38.4 billion high speed rail (HSR) project, which will connect Malaysia and Singapore, will end in Bandar Malaysia, a 200-ha mixed development which will sit on the old Sungai Besi airport land.

Shabery Cheek also said the proposed HSR has spurred property prices in Jurong East, the district where the HSR will end in Singapore.

Following the announcement that Singapore’s HSR terminus will be located in Jurong East last month, consultants expect it to spur property prices, and stimulate retail and commercial activity in the vicinity.

It has already been confirmed that its terminus for Malaysia will be in Bandar Malaysia, about 5km from the landmark Petronas Twin Towers in the heart of Kuala Lumpur.

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