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