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.