PKFZ (Click on chart to enlarge)
Malaysiakini reports that Parti Keadilan Rakyat (PKR) de facto leader Anwar Ibrahim yesterday revealed at a press conference that two transport ministers - Chan Kong Choy and his predecessor Ling Liong Sik - had abused their powers by sending letters of support committing the government as guarantor for any financial liabilities of the Port Klang Authority (PKA) for the Port Klang Free Zone (PKFZ) project. He said both Ling and Chan wrote four letters expressing the government’s undertaking to subsidiary companies of the PKFZ’s turnkey contractor, Kuala Dimensi Sdn Bhd (KDSB).
The four subsidiary companies are Special Port Vehicle Bhd., Transshipment Megahub Bhd., Valid Ventures Bhd. and Free Zone Capital Bhd. Developer KDSB had raised funds for the RM4.6 billion PKFZ project through the issuance of bonds purported through such a guarantee.
Anwar, a former finance minister, said that such an undertaking can only come from the Finance Ministry or the cabinet. (Read his blog entry, here.)
I have said this before and I will say it again that the whole thing smacks of corruption and gross abuse of power. A full and independent investigative audit should be carried out to determine the extent of the Government’s liability, pinpoint existing weaknesses in the system of financial and accounting controls, and ascertain whether there is evidence of financial improprieties. Perhaps a Royal Commission of Inquiry should also be set up to get to the truth. To date, I believe the Attorney General has not yet been called by the Public Accounts Committee (PAC) to answer questions pertaining to the dubious land sale which led to the huge cost overruns thus requiring a bail-out for the PKA.
Your Blog title caught my attention. Firtst time I heard of it is from a song entitled 'Ancient Mariner' by Iron Maiden. Later, I bought a book and read about it. A literature book. Anyway, it's nice to read your Blog, learning a different side of ancient mariner.
ReplyDeleteTHe PKFZ scandal certainly does smack of corruption, abuse of power, and financial skulduggery.
ReplyDeleteA RCI should be appointed to thoroughly and impartially investigate and if the evidence suggests that there are elements of corruption, financial improprieties, and or other crimes, all those suspected should be tried in court. Should they be found guilty, they should be punished to the full extent of the law without fear or favour.
Then, and only then, will the people of Malaysia be satisfied.
Aidil Adha or Hari Raya Haji Greetings to everyone.
The next GE is around the corner and what a strange coincidence, in the beginning of July 07 the company had asked the Government for a soft loan amounting to RM3.6 billion, being the sum spent to develop PKFZ. "It is understood that the Government has approved it, which brings the total project cost to RM4.6 billion, including for land acquisition. Port Klang Authority's RM3.4 billion debts comprise commercial bonds and asset-backed securities. PKA GM said the government had in principle agreed to extend them a soft loan of RM4.6 billion to take care of the loan as PKFZ was considered a "national project". What strategic importance is this PKFZ? Is it another MAS or PROTON in the making? Are these not legitimate excuses and a convenient way to funnel in approved funds and skimmed them off as MCA slush fund? MCA has been in control of PKA for a long time. More details
ReplyDeleteGo H E R E
Unless these news reach the front page of all major mainstream media, it's hard to make a compelling reason for AG to "pay attention" to it while busy dropping charges of attempted murder
ReplyDeleteShahrill, What happen to your Public Account Committee? We had some hopes as Chairman of this committee you will bite and you will not let go but now left with your tails behind your legS.
ReplyDeleteCaptain,
ReplyDeleteCarry on writing. Lets use this issue for the coming election to get them to set up A Royal Commission to investigate this matter. Its too big to let them go scot free. They must answer for their abuse of power.
these robbers keep on talking about national interest, job creation and investments as a cover-up. bollocks, the key issue is the corrupt manner of this project. land cost inflated. construction cost inflated. minister of transport abuse their position by issuing undertaking beyond its stated power. and the government has to stpe in with a bail out of RM4.6 billion which is extraordinary large amount.
ReplyDeleteMr FINANCE MINISTER, stop bullshitting the rakyat that this project is capable of generating enough profits to repay the bail-out amount. Is it because the promoters behind this project are influential and your inner circle politicians that you are prepared to sacrifice RM4.6 billion of the people's money to protect these individuals? You want another opportunity, PM? then, do the right thing by having a ROYAL COMMISSION to get to the bottom of this scandal! Until you do this, you are no more another HYPOCRITE.
Friends, Malaysians, countrymen.
ReplyDeleteNext week will be the official launching of the new logo of all the toilets at the PKFZ offices.
The minister will, of course, have to be invited or would invite himself to this most important event. Somebody has to do the dirty work, you see.
And the STAR will treat the rakyat to a picture of the usual suspects after the launching, all smug and nattily attired in their three piece suits and bush jackets, happily patting each others backs, sniffing at each others armpits and laughing uproariously at the minister's joke as though what he said was the most beautiful and inspiring thing they had never heard.
And ordinary Malaysians will fume and fluster at the impertinence of this gallery of rogues. Wondering when launchings by these crooks could be replaced instead with their lynchings.
And the PAC will meet again after the next Ramadan.
And sleepy head will, after the slumber of the innocent, finally awaken as he plots his next sojourn on distant shores and seas with darling jean.
And so its business as usual in bolehland.
But, don’t let me be a wet blanket; I know you are all trying the best you can to expose these shameless looters of the nation’s wealth.
Happy New Year, Captain.
AG called by PAC to answer quesions?
ReplyDeleteno more than a charade. What AG are we talking about here? alredi, this Gani fella has bring disrepute the AG office by answering to the call of the political establishment to engage in such frivolous act as to charge 31 innocent malaysians for attempted murder. you can expect the same degrading behaviour from him in this scandal.
let me put it this way. this scandal of record proportion in terms of money wasted ( or diverted into the pockets of the cronies from UMNO, MCA and Sarawakian) will entail extensive cover up by transport minister ( both previous and current), ACA, AG and senior members of the cabinet including the PM and DPM.
Hypocrisy in the highest order whenever these same people stand up and talk about integrity and responsibility!
Who says MCA/chinese no power in this country. Owner of project Dato Ting Bintulu MP. Entire scam facilitated by Ministers Tun Ling and Dato Chan kong Choy, Chairman Of Port Klang Dato Chor, General Manager of Port Klang Datin OC Phang and below her all chinese managers. Ofcourse in all sucessful scam it has to be an "Ali Baba " venture. The malay figure head is Azim Zabedi, and the man is the treasurer of UMNO.
ReplyDeleteWhat a joke UMNO.
Captain sir, you could start a signature campaign here in your blog to get a Royal Commission to investigate this debacle. If anyone can do it you can. Other bloggers will definitely land a hand. It has to start now.
ReplyDeleteis it the same Ting fella with the condemnation of corruption within the police force in Bintulu? This sort of hypocrites abound in BN family.
ReplyDeleteDear Captain Yusof,
ReplyDeleteI am linking my website to you because I am looking for good blogs as I am committed to sharing ideas and exchanges with our young Malaysians and you will certainly benefit them with your insights.
Din Merican (www.dinmerican.wordpress.com)