ICSB seeks Beijing’s help for Bandar Malaysia, risks Putrajaya’s ire

Jahabar Sadiq

Companies investing in Danga Bay in Iskandar Malaysia, Johor Baru, the sprawling economic corridor north of Singapore, are granted tax incentives to push start business in the region. Iskandar Waterfront Holdings, controlled by Lim Kang Hoo, enjoys these benefits but risks losing them after Lim is said to have tried to salvage a failed bid in Bandar Malaysia. – AFP pic, May 10, 2017.

THE joint venture that lost the Bandar Malaysia deal has sought Beijing’s help to salvage their purchase, prompting Putrajaya to review incentives given to the Malaysian partner, Iskandar Waterfront Holdings Sdn Bhd (IWH).

The Malaysian Insight understands that IWH boss Lim Kang Hoo has flown to the Chinese capital to personally appeal for Beijing’s assistance to restore the IWH-CREC Sdn Bhd’s (ICSB) RM7.42 billion purchase of 60% of Bandar Malaysia.

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