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Malaysia seizes over 243 million USD from Chinese firm

Malaysian authorities have seized more than 1 billion ringgit (243.25 million USD) from a bank account of the China Petroleum Pipeline Engineering Ltd (CPP), a unit of state energy giant China National Petroleum Corp (CNPC).
Malaysia seizes over 243 million USD from Chinese firm ảnh 1A pipeline project in Malaysia (Illustrative image: straitstimes.com)
Hanoi (VNA) – Malaysian authoritieshave seized more than 1 billion ringgit (243.25 million USD) from a bank account of the China Petroleum Pipeline Engineering Ltd (CPP), a unit of state energy giantChina National Petroleum Corp (CNPC).

According to theStraits Times newspaper, the seizure comes nearly a year after Malaysiasuspended two pipeline projects, valued at 2.3 billion USD, on which CPP wasthe lead contractor.

The MalaysianGovernment has ordered HSBC to transfer the sum held in the Chinese firm'saccount to Suria Strategic Energy Resources, which is owned by the Malaysian Ministryof Finance.

Officialsof the Malaysia's Ministry of Finance, the Office of the Malaysian Prime Ministerand the CPP's Malaysia Office did not comment on this issue.

HSBCdeclined to comment, citing client confidentiality. An official of the CNPCalso refused to comment.

In2016, the CPP won a contract from the government of former Malaysian PM NajibRazak to build a petroleum pipeline stretching 600 km along the west coast ofpeninsular Malaysia and a 662-km gas pipeline in Sabah, the Malaysian state onBorneo island.

Theprojects were suspended last July by Malaysian PM Mahathir Mohamad.-VNA
VNA
#Malaysian authorities#China Petroleum Pipeline Engineering Ltd#China National Petroleum Corp#Straits Times newspaper#pipeline projects#Malaysian Ministry of Finance#vietnamplus#Vietnam News Agency
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