05 April 2019
Among the offences were that SSER had issued loan funds from The Export-Import Bank of China not based on the progress of the Multi-Product Pipeline and Trans-Sabah Gas Pipeline projects and paid RM8.3 billion or 88 per cent of the cost of construction of RM9.4 billion for the two projects to the contractor , China Petroleum Pipeline Engineering Co Ltd when work progress was only at 13 per cent.
According to the first to the third charge, SSER was charged for failing to comply with conditions in the written approval dated April 13, 2017 by BNM under Sub-section 214 of the Financial Services Act 2013 to acquire foreign currency loans from non-residents, for which SSER has issued loan funds from The Export-Import Bank of China not based on the progress of the Multi-Product Pipeline project.
All the offences were carried at 9th floor, Menara 1 Dutamas, Solaris Dutamas, No. 1, Jalan Dutamas 1, here between April 2017 and May 2018 according to Subsection 214 of the same act which provides for a maximum of 10 years in jail or fine up to RM50 million or both. MPP involves 600 km pipeline of various petrochemical projects from Melaka and Port Dickson, Negri Sembilan to Jitra, Kedah at a cost of 4.53 billion yuan and RM2.53 billion or about RM5.35 billion.
A government department is officially engaged in for-profit business entities? What else are kept from public knowledge?
Seriously?!!! So, betul lah apa yg diperkatakan ttg MOF kita.
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