KUALA LUMPUR – Treasury secretary-general Tan Sri Mohd Irwan Serigar Abdullah has been appointed the chairman of both the Bandar Malaysia and TRX City projects, Prime Minister Datuk Seri Najib Razak announced today.
Najib said Irwan’s selection was due to the importance of the two projects for the goal of cementing Kuala Lumpur’s place as a leading capital in Asia.
Irwan was already overseeing the projects after 1Malaysia Development Bhd (1MDB) chief executive Arul Kanda was relieved of the role.
“He will head a team with overall responsibility for these projects and the monetisation of 1MDB’s remaining real estate assets.
“Furthermore, in order to ensure that the nation and the people benefit to the greatest extent possible, the Ministry of Finance will retain 100 per cent ownership of Bandar Malaysia,” the PM said in a statement.
Najib also said the Budiman Committee tasked with overseeing the rationalization of 1MDB’s debt will be disbanded.
Putrajaya will also invite fresh proposals for the development of both projects soon, Najib added.
He then said the termination of the previous share sale agreement with Iskandar Waterfront Holdings Sdn Bhd and China Railway Engineering Corporation (M) Sdn Bhd would not be reversed.
The Finance Ministry terminated the RM7.41 billion deal after the consortium failed to meet the payment deadline.
Najib further said the new selection process for the master developers of both Bandar Malaysia and TRX City would be strict, with emphasis on their track records and financial capability, among others.
“The highest possible value will be sought to ensure that the best deal for the taxpayer is obtained,” he added.
The yet-to-be-built Bandar Malaysia is located in nearly 500 acres of land in Sungei Besi that was previously occupied by the Royal Malaysian Air Force airbase, which Putrajaya transferred to 1MDB.
TRX City, or the Tun Razak Exchange, is planned as the next financial hub for Kuala Lumpur.
– Malay Mail