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Following is the transcript of remarks by the Secretary for Transport and Housing, Professor Anthony Cheung Bing-leung, at a media session after officiating at an opening ceremony of a bazaar this morning (November 2):
Reporter: (The cost and responsibility of the Express Rail Link project delay.)
Secretary for Transport and Housing: At the moment, as you all know, the completion date of the Express Rail (Link) project will be later than what was originally approved which was the end of 2015. The latest assessment by the MTR Corporation is the end of 2017. That target date is now in a way supported by the international experts employed or engaged by the Independent Board Committee of the MTR Corporation although with some provisions, meaning that according to the experts, there is over 60 per cent probability that this 2017 date will be valid. Now there is concern about cost, the MTR Corporation has supplied the Government a figure of $71.5 billion as the revised cost completed for the project. The MTR Corporation still sticks to this figure and considers this figure realistic. But of course in light of the comments made by the two independent experts, the Government is asking the MTR Corporation to once again revisit the figure. At the end of the day, we have to come to a realistic figure for the purpose of revising the estimate. As to the responsibility, the legal rights, legal obligation relating to any costs overrun, these rights and obligation have to be determined according to the provisions of the Entrustment Agreement signed between the Government and the MTR Corporation several years ago.
(Please also refer to the Chinese portion of the transcript.)
Ends/Sunday, November 2, 2014
Issued at HKT 15:55
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