Putrajaya seizes RM1 billion held by China-owned company in HSBC

(TMI) – PUTRAJAYA has seized more than RM1 billion held by China Petroleum Pipeline Engineering Ltd (CPP), a Chinese state-owned company, The Straits Times reports.

Earlier this month, the Pakatan Harapan government ordered banking giant HSBC to transfer funds held in CPP’s account in Malaysia to Suria Strategic Resources Sdn Bhd.

Suria Strategic Resources is wholly owned by the Finance Ministry.