Yesterday's the Star reports (read here) that the worst is over for Port Klang Free Zone (PKFZ). At the launching of PKFZ new logo on Thursday, Transport Minister Datuk Seri Chan Kong Choy (photo, right) said,"Investors, including big multinational names, are bringing in millions of ringgit and job opportunities are expected to increase by a hefty 2,252% by the end of next year."
Oh yeah? Job opportunities for whom? Who are these big multinationals?
"Although the Government is expected to provide Port Klang Authority with a soft loan amounting to RM4.6bil to develop the PKFZ, every sen of the loan would be repaid," Chan said."The life span of PKFZ is more than 50 years. It is long enough for repayment. Once the loan is settled, PKFZ will be a good income generator."
Hello, haven't you been listening? The issue here is how did a project which should only cost between RM1.8 to RM2 billion ballooned to RM4.6 billion? What happened to the RM2.6 billion? If the project was deemed very viable at the outset, why the need for a government soft loan, or to put it bluntly, a bailout?
I hear that to make it look good, rentals and leases are now being offered at very low rates. How to pay back the taxpayers money? Full repayment in 50 years? How is this price cutting affecting the local business market?
(Above photo also shows my former boss, a very happy Tan Sri Gnanalingam of Westport (center) who had pleaded poverty and paid me peanuts, but is now listed by Forbes as one of the 40 richest men in the country. Sheeesh.)
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