MTR chief warns of 'catastrophic' aftermath if Legco votes down high-speed rail after shareholders let MTR take on potential further cost overruns

MTR Corp management warned of “catastrophic” consequences if legislators reject a proposal to plug the HK$19 billion funding gap facing the much delayed cross-border high-speed railway after its independent shareholders voted almost unanimously for the funding arrangement.

Hours after 99.83 per cent of the vote of independent shareholders backed the funding proposal at a meeting yesterday, Chief Executive Leung Chun-ying said the government would try its best to get approval from the Legislative Council - the last hurdle for the extra HK$19.6 billion needed for the Hong Kong section of the Guangzhou-Shenzhen-Hong Kong Express Rail Link.

Secretary for Transport and Housing Professor Anthony Cheung Bing-leung hinted that the government might consider as early as today whether to bypass Legco’s public works subcommittee and go directly to the Finance Committee.

MTR chairman Frederick Ma Si-hang called on pan-democratic lawmakers to “ raise their hands high in mercy” to give the project a pass this time.

“From MTRC’s perspective, our biggest concern is the filibuster in the Legco,” he said.

READ MORE: 7,000 jobs could be lost if Hong Kong high-speed rail link is suspended, says MTRC boss

Ma said the HK$65 billion budget approved by Legco in 2009 would be used up by mid-year and the company needed to notify its building contractors by next month to allow time to make preparations, whether Legco gave the green or red light.