Malaysian-Chinese group in 1MDB property deal says fulfilled payment obligations

The 1MDB sign as seen through a car. Photo: Bloomberg TV

A Malaysian-Chinese consortium that had planned to buy a majority stake in a property development project owned by a former unit of state fund 1MDB on Friday refuted allegations that it had failed to make necessary payments.

Earlier this week, TRX City Sdn Berhad – a former unit of state fund 1Malaysia Development Berhad (1MDB) now owned by the Malaysian finance ministry – said the deal to sell 60 percent of Bandar Malaysia had lapsed because the consortium failed to meet payment obligations.

In a statement on Friday, Iskandar Waterfront Holdings, owned by Malaysian tycoon Lim Kang Hoo, and China Railway Engineering Corp (CREC) said TRX’s allegation that the share sale agreement has lapsed was “unacceptable.”

The consortium has fulfilled all the required payment obligations under the agreement on its part towards TRX, it said.

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Reuters

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.