ID :
207665
Sat, 09/17/2011 - 09:14
Auther :
Shortlink :
https://oananews.org//node/207665
The shortlink copeid
LET ICJ RULE ON FEES IN KTM LAND SWAP: MALAYSIA ENVOY
SINGAPORE, Sept 17 (Bernama) -- The best way to deal with the issue of development charges for Malaysia's state-owned railway operator Keretapi Tanah Melayu's land swap is to let the International Court of Justice decide, Malaysian High Commissioner to Singapore Md Hussin Nayan said on Friday.
This is what Malaysia has agreed to, he added. "If the two sides cannot decide, then a third party will have to decide," he told reporters at Malaysia's 54th National Day reception here.
The two neighbours agreed on the land swap deal for KTM in a breakthrough meeting between Prime Minister Najib Tun Razak and his Singaporean counterpart Lee Hsien Loong in September last year, but left the quantum of development charges for the original railway land to be decided later.
Najib had accepted the offer for four land parcels in Marina South and two pieces in Ophir-Rochor in exchange for three parcels of KTM land in Tanjong Pagar, Kranji and Woodlands, and three pieces in Bukit Timah.
The two leaders, however, could not agree on the development charges payable on the three KTM land parcels in Tanjong Pagar, Kranji and Woodlands.
Najib and Lee agreed to settle the issue amicably through the Permanent Court of Arbitration, and "will accept the arbitration award as final and binding."
It was agreed that MS Pte Ltd, a 60-40 joint venture between the Malaysian government's holding arm Khazanah Nasional Bhd and the republic's Temasek Holdings, will handle the six Singapore land parcels for joint development after KTM vacates the Tanjong Pagar railway station to the Woodlands train checkpoint.
KTM vacated the Tanjong Pagar Railway Station last July.
Md Hussin said he believs the issue would be resolved "quite quickly" through arbitration.
Asked if the issue could yet be settled out of court, he said that anything is possible because it is between the two countries.
This is what Malaysia has agreed to, he added. "If the two sides cannot decide, then a third party will have to decide," he told reporters at Malaysia's 54th National Day reception here.
The two neighbours agreed on the land swap deal for KTM in a breakthrough meeting between Prime Minister Najib Tun Razak and his Singaporean counterpart Lee Hsien Loong in September last year, but left the quantum of development charges for the original railway land to be decided later.
Najib had accepted the offer for four land parcels in Marina South and two pieces in Ophir-Rochor in exchange for three parcels of KTM land in Tanjong Pagar, Kranji and Woodlands, and three pieces in Bukit Timah.
The two leaders, however, could not agree on the development charges payable on the three KTM land parcels in Tanjong Pagar, Kranji and Woodlands.
Najib and Lee agreed to settle the issue amicably through the Permanent Court of Arbitration, and "will accept the arbitration award as final and binding."
It was agreed that MS Pte Ltd, a 60-40 joint venture between the Malaysian government's holding arm Khazanah Nasional Bhd and the republic's Temasek Holdings, will handle the six Singapore land parcels for joint development after KTM vacates the Tanjong Pagar railway station to the Woodlands train checkpoint.
KTM vacated the Tanjong Pagar Railway Station last July.
Md Hussin said he believs the issue would be resolved "quite quickly" through arbitration.
Asked if the issue could yet be settled out of court, he said that anything is possible because it is between the two countries.
