What new RM9.4 billion scandal did Finance Minister uncover?

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Finance Minister Uncovers RM9.4 Billion Scandal Involving Pipeline Contracts

Finance Minister Lim Guan Eng has revealed a significant financial scandal concerning two pipeline projects valued at RM9.4 billion. A Chinese firm was reportedly paid RM8.3 billion, representing 85% of the total contract value, despite completing only 13% of the stipulated work. These agreements were linked to Suria Strategic Energy Resources Sdn Bhd (SSER), a subsidiary of the Finance Ministry.
Alleged Direct Negotiation by Prime Minister's Department

The contracts in question were allegedly negotiated directly by the Prime Minister’s Department during the tenure of Datuk Seri Najib Razak. These negotiations took place with the China Petroleum Pipeline Bureau (CPPB) in November 2016. The direct negotiation approach bypasses standard procurement procedures, raising questions about transparency and due diligence.
Signatory and Subsequent Actions

The agreements were formally signed by Tan Sri Irwan Serigar, who served as the former Treasury secretary-general. Following the Pakatan Harapan coalition's victory in the 14th general election, Irwan Serigar was removed from his position. The revelation of this payment structure has drawn calls for explanation from the former Prime Minister.
Call for Explanation from Former Prime Minister

Lim Guan Eng has specifically called upon Datuk Seri Najib Razak to clarify the circumstances surrounding the approval and execution of these SSER-related transactions. Lim highlighted Najib's recent activity on Facebook as a platform where such explanations could be provided, drawing a parallel to Najib's prior use of the social media site to dispute financial figures presented by the current Finance Minister.

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What new RM9.4 billion scandal did Finance Minister uncover?

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