In 2007, the Ministry of Finance has already extended a RM4.6 billion soft loan at 4% interest rate to Klang Port Authority to salvage the Port Klang Free Zone (PKFZ) project. Now it appears that they will have to extend an additional RM3.56 billion loan to cover the cash flow deficit over the next 20 years! As projected by PriceWaterhouseCoopers (PwC), this restructured financing will cost an additional RM5 billion in interest costs over the next 42 years!
The question now is, will heads roll over Malaysia's record bailout scandal, especially with existing Barisan Nasional leaders implicated by the project? Should the government continue to support the project with up to RM8.56 billion in tax payers' monies or should it cut losses and make better use of the funds for the rakyat in other more productive means?
I have been invited to speak at a forum organised by DAP Malaysia to discuss the above and to shed some light on the issue. Panelists will include DAP Parliamentary Leader Lim Kit Siang, Petaling Jaya Utara MP Tony Pua, DAP Economic Advisor Teh Chi Chang and Transparency International's Tan Sri Dr. Ramon Navaratnam.
Date : Wednesday 10 June 2009.
Time : 8 pm.
Venue : 2nd floor, The KL & Selangor Chinese Assembly Hall, No. 1, Jalan Maharajalela, Kuala Lumpur, Malaysia. (See map below)
All are welcome.
View Jalan Maharajalela in a larger map
Saturday, June 06, 2009
10 comments:
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The Ancient Mariner
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UMNO and BN people can rob the public coffer with impunity. No UMNO warlord will be jailed for corruption nor criminal activities. Don't expect justice from UMNO or BN cos we will get none.
ReplyDeleteOne would suspect that the real master mind is still out there and if you look closely who had the most to gain by using this crooked politicians and was rewarded with extensions.As for your former boss capt what were his credentials in becoming the the head of west port if not other than taking care of tok mat's needs if you get my drift capt.
ReplyDeleteCaptain AM
ReplyDeleteMy recommendation would be for the Govt to either ask the Dubai party who has the proven expertise and track record to run PKFZ-type projects successfully and sell 100% to them at market prices,
OR
Put the project up for sale by intrenational tender and see what transpires.
OTK and others are kidding themselves that they can turn the project around. It's their false pride and ego that is talking, not common sense. I dare them to put up their own money and proceed without a cent of Taxpayers' money. Let them put their money where their mouth is and see how far they get!
As this oshort of an RCI or Special Commsission should be given unfettered powers to investigate and recommend criminal and fraud charges against those identified as the main culprits. In the meantime, the Govt should just freeze the project and stop the clock on interest charges from running away.
An independent party such as the Auditor General should investigate and recommend what would be a fair fee to pay against the Consultant's claim of $147 million. In any event, since PKFZ is technically bankrupt, the Consultant's are lucky if they get 1% in compensation!! What's there to lose. Force them to the negotiating table.
Dang, Captain Sir, I am gonna miss this one but I know that you will say what has to be said. Cheers sir.
ReplyDeletehope you exercise self-restraint as a speaker; there must be two side of this PKFZ coin..
ReplyDeletethere must be something you miss.. don't tell me you know everything.. no?
Will head roll? Nah - only money will be rolling in...
ReplyDeleteCaptain
ReplyDeleteSybas to you.
You are the only one in the Malaysian blogosphere who has the expertise, experience and background knowledge of what's going on in the PKFZ scandal to expose the culprits, and the powers-that-be trying to hush things up.
Only you can help all of us understand what's going on in this scandal and to keep the whole thing in the front burner. Those chaps up there who are a party to the scandal are hoping this to go away quietly without a fuss. We should NOT let it.
We thank you for pursuing this to make sure it comes to a logical conclusion: the culprits go to jail , pay back to the taxpayers and declared bankrupt for a long long time.
We have seen enough to note that nothing will ever happens.
ReplyDeleteMost recent will be the VKLingam scandal.
Even the shooting of 2 PR supporters at Batu Burok are covered.
Hi Capt,
ReplyDeleteThere is this wild goose chase going on, when the people are already identified!
We should be in the prosecution phase, not "going to investigate".
When I was in PwC, if my memory serves me right, Lim San Peen was a Tax Director. What are they doing, putting a taxman on the committee?
These guys who have been milking PKFZ are a bunch of super duper egoistic and greedy politicians. 12Billion bucks!!! of the poor rakyat money gone to their pockets. This is UNBELIEVABLE indeed!!
ReplyDeleteForget about those guys in MCA/MIC/UMNO/Gerakan to go to the bottom of these scandal. They just talk and talk.
PKR and the rakyat must exposed these greedy unethical bunch of blood suckers.