14 Feb '11, 10pm

Work suspended at Changi race track, project faces permanent halt as investors freeze funds

SINGAPORE - Amid towers of piling rigs and stacks of steel pipes, an eerie silence enveloped the 41ha site in Changi, where work to build Singapore's first permanent motor racing track is supposed to have been going ahead full steam. This reporter's visit to the site yesterday showed all activity on the Changi Motorsports Hub had ground to a halt. Further enquiries revealed that work had stopped in the middle of last month after SG Changi, the consortium who won the bid in 2009 to build the facility, failed to deliver on time an instalment for the $50-million piling work. But SG Changi told MediaCorp yesterday that the outstanding $10 million due to CSC Holdings will be paid today after company chairman and shareholder Fuminori Murahashi had 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 sum ...

Full article: http://www.todayonline.com/Sports/EDC110215-0000201/Chang...

Comments

  1. 08 Jun '11, 3am

    Business Times in Singapore published on 31 May 2011.

    Fraud alleged in motorsports hub tender process
    Bank guarantee may have been forged, director tells CAD
    By NISHA RAMCHANDANI

    IN the latest in a litany of woes besieging the Changi Motorsports Hub (CMH) project, a complaint
    has been lodged with the Commercial Affairs Department (CAD) alleging that a bank guarantee
    submitted as part of the tender process may have been forged.
    The complaint, which was lodged by one of SG Changi's own directors Thia Yoke Kian, is against SG
    Changi's executive chairman Fuminori Murahashi.
    SG Changi won the rights to build and run the facility for a 30-year period but work on the $380
    million motorsports complex - originally slated to come onstream at the end of this year - came to a
    halt in mid-January after the consortium was unable to fully meet outstanding progress payments
    owed to foundation specialist CS Construction & Geotechnic (CSCG).
    'When the project came to a standstill, it made me wonder

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