The Attorney-General’s Chambers (AGC) is now negotiating the compensation with China-based contractors.
The engineering, procurement, construction and commissioning contract for two pipeline projects and other associated contracts amounting to RM10.4 billion have been terminated, says Finance Minister Lim Guan Eng.
SSER is a subsidiary of the Ministry of Finance which reportedly paid RM8.3 billion, or 88 percent of the RM9.4 billion EPCC contract for two pipeline projects, namely the Multi-Product Pipeline and Trans-Sabah Gas Pipeline , despite only 13 percent of unaudited and unverified work being completed.
The China-based contractors are China Petroleum Pipeline Engineering Company Ltd and Huanqiu Project Management Co Ltd . "Of the RM9.4 billion EPCC contract for MPP and TSGP, 85 percent of the cost was meant to be financed by a 20-year loan of 12.9 billion yuan from Exim Bank of China at an interest rate of 3.25 per cent per annum .
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