Gamuda falls 6.05% after HSR scrapped and rating downgraded

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The report said the termination of the project could set back by several years the development of the Jurong Lake District as plans were based on the realisation of a high-speed rail terminus in the area. Prime Minister Mahathir Mohamad has scrapped multibillion-dollar projects, cut ministerial salaries and dismissed thousands of contract workers to shore up the budget.

The PM has since elaborated on the HSR issue after a cabinet meeting this morning, explaining that the country can not afford mega projects that aren't beneficial.

The Straits Time said planning work had already began on Singapore's end.

The Singapore government has also invested a fair bit in planning and early projections for the project such as engaging planners and civil engineers, said Azman Jaafar, deputy managing partner of RHTLaw Taylor Wessing and chairman of Asean Plus Group.

"We will wait for official communication from Malaysia". Malaysia's unilateral decision not to proceed with construction means it may now have to compensate Singapore.

The election victory by Dr Mahathir's alliance inspired patriotic sentiment among many citizens who have expressed pride on social media about being part of a new Malaysia that is free from graft and race politics. It is going to cost a huge sum of money.

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He said the decision to cancel the project was taken "to reduce the amount of borrowings" by Najib. "We'll make no money at all from this arrangement". Breaking the BN's six-decade long monopoly, Mahathir beat his one-time protégé Najib Razak and became the world's oldest head of government.

He cited the example of the high-speed rail.

Malaysia launched a challenge to that ruling previous year but Singapore's foreign ministry said Wednesday it had been withdrawn by Kuala Lumpur.

Ever since Our Finance Minister, Lim Guan Eng announced that we have over RM1 trillion national debt, Malaysians had been heartwarmingly offering ways to help pay off the debt in their own way. "I would like to ask Dr Mahathir if projects such as Pan Borneo Highway and Central Spine Road that are toll-free, as well as Light Rail Transit (LRT), Mass Rapid Transit (MRT) and monorail, only obtain returns via ticket sales alone?"

United States investigators said Mr Najib's associates stole and laundered at least $US4.5 billion ($AU5.97 billion) from the fund.

Loke said a separate metro link connecting Singapore's northern township of Woodlands and Malaysia's southern city of Johor Bahru will go ahead as planned.