Tuesday, March 25, 2008

PKFZ: Time for Reckoning

Malaysiakini reports, here, that the Selangor state government wants to take over and manage operations at the RM4.68 billion Port Klang Free Zone (PKFZ) as part of its overall revamp of troubled projects and corporations within the state to bring these back to the black.

Rather than letting this Port Klang project go to waste at taxpayers' expense, the state government will take it over at book value of RM1 or RM2 and try to turn it around to make it economically viable, said Selangor's new Mentri Besar Abdul Khalid Ibrahim (photo).

Khalid, however, said the federal government’s bailout of PKFZ with a 'soft loan' has not resolved the ‘internal’ issues relating to the alleged irregularities, and has not assured its economic viability either. “Who are the sub-contractors? What are the costs involved in that (project?). We can help unravel all the issues to correct the position,” he said.

“I think the least (that) the public expect is that people who benefited from this must pay for their sins or crimes (through legal action).”

Khalid should know what he is talking about. A former corporate giant, he was very briefly and indirectly also my former boss in the early 90's when Klang Port was privatised to the Permodalan Nasional Bhd. My heart went out to him when I saw him directing traffic in full baju melayu at Anwar Ibrahim's open house during the last Hari Raya Puasa. The time for reckoning is here.


  1. Capt,

    It surely is an uphill battle for Khalid to sort a mess as huge as PKFZ fiasco.

    However, there is a glimmer of hope that the rakyat will benefit something out of the blunder. At least, me hopes so.

    Take care

  2. if this plan by Khalid goes thru, there will be at least a few more migrants to the land downunder. you think, despite the loud voice against corruption, will the PM allow this to happen. emphatic answer is a "no no". there are too many important cronies involved in this mammoth scandal, in fact the biggest in the history of Malaysia. they must be protected at all cost though at the expense of RM4.7 billion down the drain.
    by the way, another much bigger white elephant is on the way. Thats the RM12 billion double tracking to nowhere. Great to be a Transport Minister,eh. Now wonder, the party acronym MCA stands for Most Corrupted Association.

  3. Captain

    You are the best person to know whether Khalid's idea is GO or NO-Go.

    What are your gut-feelings whether taking our the PKFZ is a good thing?
    Is it good money chasing after bad deal?

    If the outlay is reasonable to turn it around, why not?

    But the damn culprits who fatten their wallets on this scandal MUST BE BROUGHT TO JUSTICE. That must be the bottom line

  4. frank:

    There are many who will argue whether free trade zones will still be relevant with WTO, AFTA etc. We may have to kiss the money goodbye if not possible to recover, so we can just go after the crooks and bring them to justice.

  5. Yes! The time of reckoning is nigh!


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