Latest news with #MajuExpresswayExtension
New Straits Times
22-05-2025
- New Straits Times
MACC probes MEX II project over false claims, bribery
PUTRAJAYA: Three investigation papers involving the Maju Expressway Extension (MEX II) project have been opened. Malaysian Anti-Corruption Commission (MACC) Chief Commissioner Tan Sri Azam Baki said they have arrested nine individuals and recorded statements from 31 people to assist in the investigation. "The first investigation paper involves false claims amounting to RM361 million, which came from sukuk funds. "The second case concerns false disclosures involving RM416 million in sukuk funds and RM50 million in bank loans. "The third case involves certain parties who allegedly solicited and received bribes amounting to around RM12 million," he said.
New Straits Times
07-05-2025
- New Straits Times
RM450mil false claims case: MACC investigators poring over bank documents
KUALA LUMPUR: Graftbusters are examining bank documents related to a RM450 million false claims case, including those belonging to a "Datuk" arrested on Sunday. A source said that the case was still being probed even though the "Datuk" suspect's two-day remand ends today. "Documents are still being reviewed, including bank documents linked to the suspect and the case." The source said more witnesses would be called in to assist in the probe. It was previously reported that a "Datuk" who who was released from remand last Saturday, was once again remanded by MACC. The individual, in his 60s, was detained alongside another suspect in his 50s when they turned up to give their statements at the MACC headquarters in Putrajaya on Sunday night. Preliminary investigations found that both suspects allegedly submitted false claims worth around RM450 million. The case is linked to funds from a RM1.3 billion sukuk for the 18km Maju Expressway Extension (MEX II) project.
New Straits Times
03-05-2025
- Business
- New Straits Times
Expert calls for govt intervention to complete MEX II without bailout
KUALA LUMPUR: The government should intervene in the delayed Maju Expressway Extension (MEX II) project to ensure its completion without a bailout, a transport expert said. Transport consultant Wan Agyl Wan Hassan said a sustainable solution would be to form a Special Purpose Vehicle (SPV) with equity from government-linked companies (GLCs), partnered with private developers. This approach, he said, would allow for the raising of a new sukuk to finance the remainder of the highway's construction. "I'm not saying the government should bail it out, but it should consider forming a new SPV with equity from GLCs, then partnering with private developers and using a structured asset takeover from MEX Highway Sdn Bhd under the Insolvency Act. "This is because MEX Highway Sdn Bhd is insolvent and under the receivership of the insolvency department. So, we can proceed with a takeover under the Insolvency Act – or perhaps grant a new concession for future development. "This way, there's no direct government bailout, as we would be using GLC involvement and partnering with private developers," he said when contacted today. Earlier, Works Minister Datuk Seri Alexander Nanta Linggi said the government is actively engaging with stakeholders to resolve the prolonged delays in the MEX II project, which was originally scheduled for completion in December 2019. The highway, considered a vital link between Putrajaya, Cyberjaya and Kuala Lumpur International Airport (KLIA), has been plagued by financial setbacks and is currently under scrutiny by the Malaysian Anti-Corruption Commission (MACC). Nanta said the project had faced persistent cash flow issues that halted construction, but efforts are now being stepped up to revive the stalled works. The 18km extension to the MEX Expressway has come under renewed public attention following MACC investigations into alleged false claims involving RM360 million. Last week, four individuals, including a 'Datuk Seri', were remanded in connection with the alleged submission of false claims amounting to RM360 million, purportedly using sukuk funds for a Klang Valley highway project valued at RM1.3 billion. Earlier today, a former chief executive officer was also remanded for three days. Wan Agyl, who is also the founder and chief operating officer of MY Mobility Vision, suggested that any SPV formed should include an independent Project Management Office (PMO) and be monitored by the Public Accounts Committee (PAC). He also proposed limited non-bailout support via partial credit guarantees to attract new institutional investors. "Everything needs to be repackaged with a very clear objective. The government must ensure the MEX II Highway is completed," he said. He said that the project's completion is crucial for enhancing logistics and supporting national growth. "The most important thing is to realise that the MEX II Highway must be completed, as it provides a shorter travel route to Putrajaya, Cyberjaya and KLIA. "Of course, the new highway will also improve logistics efficiency, especially since the KLIA corridor is currently very congested," he added. He said the expressway would also help ease congestion on existing highways and improve regional airport access. "When there is a state visit, like when Xi Jinping visited Malaysia, this highway would allow a direct link from KLIA to Putrajaya," he said. Wan Agyl added that prolonged delays have negatively affected surrounding property developments, leading to stagnating prices and declining investor confidence. He said the project's sukuk had been downgraded multiple times due to ongoing uncertainty.
New Straits Times
03-05-2025
- Business
- New Straits Times
The RM1.3b MEX II delay: A timeline of key events
2016: Work on the Maju Expressway Extension (MEX II) project, intended to connect Putrajaya to Kuala Lumpur International Airport, begins. A RM1.3 billion sukuk is issued to fund it, which is originally scheduled to be finished in October 2019. Between 2016 and 2017: Alleged false claims of RM360 million are submitted during the early construction phase. April 2019: A stop work order is issued on the construction of a key structure, "bridge 13". December 2019: The project misses its original completion target due to cash flow issues and a stop work order on key structures. Between 2020 and 2021: Delays worsen, sukuk payments are deferred and rating agencies downgrade the project's bonds. April 2025: The Malaysian Anti-Corruption Commission arrests four, including a 'Datuk Seri', over suspected false claims tied to sukuk funds on April 29. May 2025: Government renews efforts to revive the stalled project, with key ministries and the developer seeking new funding.
New Straits Times
03-05-2025
- Business
- New Straits Times
Delayed MEX II project under review, says Works Minister
BUKIT KAYU HITAM: The government is working closely with all relevant stakeholders to resolve the prolonged delays affecting the Maju Expressway Extension (MEX II) project. The project, originally slated for completion in December 2019, has been hampered by financial setbacks and is currently under the scrutiny of the Malaysian Anti-Corruption Commission. Works Minister Datuk Seri Alexander Nanta Linggi acknowledged that the highway project has faced persistent cash flow issues that halted construction. However, Nanta said efforts are being stepped up to revive the stalled project. "Yes, as everyone is aware, the MEX II project has experienced completion issues. "But the good news is, all parties involved including the Finance Ministry, the Works Ministry and the Public Works Department (PWD) are actively engaged in resolving the matter," he said during a press conference during a work visit at the Bukit Kayu Hitam Immigration, Customs, Quarantine and Security Complex today. Nanta said the project's developer is also accelerating efforts to secure new funding sources to push forward construction work. "At present, the matter is still in the resolution phase, so I do not wish to make any detailed statements just yet," he added. He said a series of key meetings are expected in the coming days to discuss the project, chaired by the Works Ministry deputy secretary-general. "The meeting is expected to determine the next course of action. We will see what develops from there," he added. The 18-kilometre extension to the Maju Expressway has come under renewed public attention following MACC probes into alleged false claims involving RM360 million. The media reported that four individuals, including one bearing the 'Datuk Seri' title, were recently arrested in connection with the probe, believed to be linked to the funds raised through a sukuk issuance for the project.
