Malaysia welcomes arbitral tribunal's decision - Najib

Malaysia welcomed an arbitral tribunal's decision that a joint investment company of Malaysia and Singapore would not be conditionally liable to pay development charges on the former Malayan Railway (KTM) parcels of land in Tanjong Pagar, Kranji and Woodlands, said Datuk Seri Najib Razak Friday.

It was a testimony to the commitment of both countries to settling disputes peacefully, in accordance with international law, the prime minister said in reference to the mechanism in settling the issue through a tribunal appointed by the two countries.

In submitting the issue to the Arbitral Tribunal, both countries agreed to fully accept the award as final and binding, he said in a statement.

"We also agreed that it would not affect our bilateral relations," he added.

Najib said he would like to echo the statement by his Singaporean counterpart Lee Hsien Loong that Malaysia and Singapore were happy that they had been able to resolve the issue in an amicable manner.