KUALA LUMPUR May 5 A Malaysian-Chinese
consortium that had planned to buy a majority stake in a
property development project owned by a former unit of state
fund 1MDB on Friday refuted allegations that it had failed to
make necessary payments.
Earlier this week, TRX City Sdn Berhad - a former unit of
state fund 1Malaysia Development Berhad (1MDB) now owned by the
Malaysian finance ministry - said the deal to sell 60 percent of
Bandar Malaysia had lapsed because the consortium failed to meet
In a statement on Friday, Iskandar Waterfront Holdings,
owned by Malaysian tycoon Lim Kang Hoo, and China Railway
Engineering Corp (CREC) said TRX's allegation that the share
sale agreement has lapsed was "unacceptable."
The consortium has fulfilled all the required payment
obligations under the agreement on its part towards TRX, it
(Reporting by A. Ananthalakshmi; Editing by Christian