The Port Klang Authority (PKA) has reversed an earlier decision to withhold a RM660 million payment due to contractor Kuala Dimensi Sdn Bhd (KDSB) for the Port Klang Free Zone (PKFZ) project. Read the Malaysiakini report, here. This about turn was due to instructions from the Treasury and in consideration of appeals by the bondholders trustees."PKA has received instructions from the Treasury that the board should be mindful of the implications that might affect the confidence of investors, local or foreign, in the Malaysian private debt securities market," said PKA chairman Lee Hwa Beng.
Lee (photo) said that the board has made RM360 million payment to KDSB yesterday and has until the end of the month to pay the balance.
The PKA board got into this mess by "taking instructions" from all and sundry when they should be using their brains and their conscience to do the right thing.
Now you will understand why I did not vote for this man for the Kelana Jaya parliamentary constituency during the last general election.
Hi Capt,
ReplyDelete"The PKA board got into this mess by "taking instructions" from all and sundry when they should be using their brains and their conscience to do the right thing."
Now there's the classic "do as I say or you're transferred" problem that every good civil servant, law enforcement and even the judiciary people will face. Go against the order and you're branded as insubordination although what you'd be doing is morallly wrong.
I did do some thinking about that last night really. It's a dilemma that these people are facing.
Why did the MoF interfere?
ReplyDeleteAfter all, the bonds were issued by a private company and the so called 'letters of comfort' signed by MCA Ministers have no legal validity.
Under the circumstances, the MoF should have let KDSB and PKFZ handle the bond default with the bond trustees. If the bondholders have to take a haircut, so be it. They had professional advisor and did not complain when above the odds bond interest was negotiated. The Govt is under no obligation to step in, given that fraud and huge unexplained cost over-runs have been alleged in this project.
By its stupid action, the MoF can be said to be aiding and abetting those who have perpertrated a huge fraud on the Malaysian Taxapyer.
We shall certainly remember this and endeavour our level best to throw these UMNO/MCA politician overboard at any election that come up!!
Have they no shame whatsoever these Civil Servants and Ministers. I hope they rot in hell!
Captain, does anyone know who in the MoF gave the instructions and if any official letter was signed and if so, who signed it?
Or are Ong Ta Kut, MCA, Lee Hwa Beng, PKFZ and KDSB doing a number on us by using the MoF as a red herring?
dpp:
ReplyDeleteI believe the instructions came right from the top.
Dear Captain
ReplyDeleteThat person in the picture had been more than a useless YB. He is even more than a useless chairman of PKA. He is always taking instructions - read his past press statements.
I think he will not pass his wind without instruction from his higher ups.
I nominate Ling Liong Sik and Chang Koon Choy.
ReplyDeleteMuch as I like to nominate Lee Hwa Beng, he is too new.
Just look at the sick logic of these crooks.
ReplyDeletePay up since we have to be mindful of foreign and local investor sentiments. Such is the honour among these thieves
I donno about local investors, but don't you think that honesty, integrity, truthfulness, going by the rule of law is what attracts investors in the first place? Maybe we have been having too many investors from the likes of Burundi and Lesotho and the ilk of Mugabe and Mobutu that we are willing to throw overboard any semblance of decency and morality in our actions.
When Putrid Jaya can give instructions like that the Turd world has indeed come home to roost in Bolehland.
PAC. Whack and wallop Ling Lion Sik. Dont give the old pirate any chance. He started this PKFZ fiasco.
ReplyDelete