Malaysia seizes $240 mln from Chinese state firm’s bank account -paper

Malaysia has seized more than 1 billion ringgit ($243.25 million) from a bank account of state-owned China Petroleum Pipeline Engineering Ltd (CPP), the Straits Times newspaper said on Saturday. The seizure comes nearly a year after Malaysia suspended two pipeline projects, valued at $2.3 billion, on which CPP was the lead contractor. The Malaysian government this month ordered HSBC to transfer the funds held in the Chinese firm’s account to Suria Strategic Energy Resources, which is wholly owned by the Malaysian finance ministry, the Singapore-based newspaper said.

Source: Yahoo.com