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TRXC to lodge police report over RM3 billion fund misappropriation

June 25, 2018

It’s another one of those mini 1MDBs Tun Daim talked about

* TRX doesn’t need a bailout and can be profitable, says Najib  

The TRX project aims to strengthen the city’s position as a leading centre for international finance and business. (Reuters pic)

This followed the disclosure by Finance Minister Lim Guan Eng that the funds had been taken by 1MDB.

KUALA LUMPUR: TRX City Sdn Bhd (TRXC) will lodge a police report over funds meant for the Tun Razak Exchange development that was apparently taken by 1MDB.

In its website today, the company said action would be taken after Finance Minister Lim Guan Eng disclosed today that some RM3.07 billion, meant for TRX’s development, had been misappropriated by 1MDB.

As a result of the misappropriation, TRXC did not have enough money to fulfil its obligations as the master developer for the TRX project.

Lim had instructed TRX City chief executive officer Azmar Talib and chief operating officer Tan Hwa Min to lodge a report with both the police and the special 1MDB probe panel.

TRXC was placed under the ministry of finance on March 31, 2017.

Meanwhile, Azmar said the company welcomed the ministry’s support towards the completion of the Tun Razak Exchange development.

“We thank the government for having confidence in TRX, KL’s new international financial district. Our investors will view this commitment positively as it confirms the government’s pro-business stance.

“We have made significant progress with the project and attracted world-class investors. With this much-needed support, and the ongoing commitment from our partners, we look forward to delivering the project within schedule and on budget, for the benefit of Malaysia and all Malaysians,” he added.

As Kuala Lumpur’s future central business district, TRX aims to strengthen the city’s position as a leading centre for international finance and business, by creating an integrated and seamless business environment for financial services firms, multinational companies and ancillary businesses.

LINK

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