TRXC to lodge police report on 1MDB misappropriation

(The Star) – TRX City Sdn Bhd (TRXC) says it will lodge a police report on allegations that funds meant for TRX development were used to repay 1Malaysia Development Berhad (1MDB) loans.

In a statement on Thursday (June 21) after Finance Minister Lim Guan Eng announced that the TRX project would be completed despite more than RM3bil of government funds were misappropriated from TRXC by 1MDB.

In the statement, TRXC chief executive officer Datuk Azmar Talib also thanked the Government for its confidence in TRX as Kuala Lumpur’s new financial district.

“Our investors will view this commitment positively as it confirms the Government’s pro-business plans,” he said.

He said it aimed to deliver the project on schedule and within budget.

TRXC was a subsidiary under 1MDB before it was transferred to the Finance Ministry on March 31, 2017.

The Finance Ministry will be injecting up to RM2.8bil to ensure the completion of the project.