KUALA LUMPUR (Nov 1): The government should disclose details of the agreement entered with China Communications Construction Co Ltd (CCCC) to build the 620-km East Coast Rail Line (ECRL) that comes at a price tag of RM55 billion. In a press conference at Parliament’s lobby today, Jelutong Member of Parliament Jeff Ooi Chuan Aun questioned the reason CCCC was awarded the ECRL project without any international tender and detailed technical report. “The terms of the loan and payback period were not made public, what do the China parties want in return,” he asked. Yesterday, Treasury secretary-general Tan Sri Mohd Irwan Serigar Abdullah confirmed with local media that the ECRL project has been awarded to CCCC, and the engineering, procurement, construction and commissioning (EPCC) contract and a financing framework were among the agreements he would sign during his visit to China with Prime Minister Datuk Seri Najib Razak. Irwan Serigar also reportedly said while the EPCC contract was awarded to CCCC, the financing agreement will be arranged with Export-Import Bank of China.

Source: The Edge Markets November 01, 2016 10:14 UTC