Putrajaya refunds RM741m Bandar Malaysia deposit to axed consortium

Kuala Lumpur

THE door appears to have slammed shut on the participation of Iskandar Waterfront Holdings (IWH)-CREC in the development of Bandar Malaysia, with Putrajaya's refund of a RM741 million (S$240.2 million) deposit to the consortium on Thursday.

A consortium executive confirmed: "We just received the refund. They sent a cheque today along with a cover letter."

The executive said shareholders of the Malaysian-Sino joint venture are still reeling from the abrupt cancellation of the share sale agreement, but continue to negotiate with state-owned master developer TRX City for a way forward. The Malaysian Insight news portal reported that IWH's controlling shareholder Lim Kang Hoo had gone to Beijing in an attempt to rally support for the deal to be restored, and that RM44.9 million in interim payment for the re…