Press Statement
We refer to the recent news article (Edge, May 7, 2007) entitled “Bank turns up the heat on KLIG” which described fairly accurately to a point the current situation of KL Monorail System Sdn Bhd (KLMS). However, we would like to share with you additional information and facts to enable you to have a more complete picture of the KLMS experience.The construction of the KL Monorail project began as early as December 1996 until it was struck by the Asian Financial Crisis the following year, during which time the company faced an uphill battle and was rendered almost helpless by the hike in the currency exchange rates. Our original system supplier, Hitachi of Japan, would not budge from their contract price of RM760 million. The project became immediately non-viable and works came to a halt, causing the abandoned construction sites in the heart of the city to be eyesores. We were on the verge of giving up the project until we convinced ourselves and the Government that we could build the monorail locally on our own.
We refer to the recent news article (Edge, May 7, 2007) entitled “Bank turns up the heat on KLIG” which described fairly accurately to a point the current situation of KL Monorail System Sdn Bhd (KLMS). However, we would like to share with you additional information and facts to enable you to have a more complete picture of the KLMS experience.The construction of the KL Monorail project began as early as December 1996 until it was struck by the Asian Financial Crisis the following year, during which time the company faced an uphill battle and was rendered almost helpless by the hike in the currency exchange rates. Our original system supplier, Hitachi of Japan, would not budge from their contract price of RM760 million. The project became immediately non-viable and works came to a halt, causing the abandoned construction sites in the heart of the city to be eyesores. We were on the verge of giving up the project until we convinced ourselves and the Government that we could build the monorail locally on our own.
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