14 Feb '11, 2pm

Work on Changi Motorsports Hub halted

Work on Changi Motorsports Hub halted

SINGAPORE : Work on the Changi Motorsports Hub has been stopped since the middle of last month. This comes after SG Changi, which won the bid to build the facility, failed to deliver an instalment for the S$50 million piling work. MediaCorp has learnt from SG Changi that the S$10 million outstanding amount will be paid on Tuesday, after company chairman and shareholder Fuminori Murahashi secured a personal loan. "The amount will be enough to cover the entire cost of the piling work, but it is not going to cover the amount needed to complete the project," SG Changi's director and general manager, Moto Sakuma, told MediaCorp. He added: "We have secured US$200 million from investors in Hong Kong that would have allowed us to do so, but they have frozen the funds." The S$370 million project came under scrutiny after recent reports said the Corrupt Practices Investigation Burea...

Full article: http://www.channelnewsasia.com/stories/singaporelocalnews...

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