M'sia spared RM500m penalty in HSR deferment

PETALING JAYA: Malaysia has been spared a RM500 million penalty after reaching an agreement with Singapore on a two-year deferral of the Kuala Lumpur-Singapore High-Speed Rail (HSR) project.
The Edge Malaysia reported that the deferral would be in effect until May 31, 2020 "in a spirit of good neighbourliness".
Quoting an unnamed source, the business weekly said: "It is worth noting that the legally binding agreement between the two nations for the project, signed in 2016, contains no provisions for such a postponement".
The source added that Singapore recognised the strain the project's construction could have on Malaysia financially.
Economic Affairs Minister Datuk Seri Azmin Ali led a Malaysian a team to negotiate the agreement a few days ago. He held meetings with Singapore Transport Minister Khaw Boon Wan and the republic's Foreign Minister Dr Vivian Balakrishnan.