It's a brave reversal for Malaysia, and very positive news for honest enterprises like Lynas. All these huge China deals are tainted with massive and blatant political corruption.
According to the Straits Times, Mahathir’s analysts “detected the condition of the contract given to the Chinese companies, including workers and materials imported from China, leaving Malaysians not benefiting from the projects.”
From Khor Yu Leng, a Malaysian political economist - “The Chinese must have been thinking, ‘We can pick things up for cheap here.’ They’ve got enough patient capital to play the long game, wait for the local boys to overextend, and then come in and take all that equity for China.
Very diplomatic language from Mahathir - “Initially, there were some misunderstandings, but now they understood why we do it.” “I believe China itself does not want to see Malaysia become a bankrupt country. China understands our problem and agreed,”
Looks like Malaysia has dodged the Chinese bullet here.
Make Malaysia Great and a world-class Lynas - two peas in a pod.
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