situation report

Jul 15, 2019 | 18:24 GMT

1 min read

Malaysia: Country Seizes Over $243 Million From Chinese State-Owned Enterprise Bank Account

What Happened: Malaysia's government seized more than $243 million in early July from a bank account belonging to Chinese state-owned enterprise China Petroleum Pipeline Engineering and transferred it to a Malaysian state-owned energy company, The Straits Times reported July 13.

Why It Matters: The asset seizure comes amid a payment dispute between the two countries after Malaysia canceled or suspended numerous Chinese infrastructure projects.

Background: On July 25, Malaysia is set to hold a formal ceremony to relaunch the East Coast Rail Link project, which is one of the infrastructure projects that Kuala Lumpur has allowed to proceed under renegotiated terms.

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