Tuesday, July 07, 2009

PKFZ: Who will take the rap?

Banker Mohd. Hashim Shamsuddin was the last Malay and non-politician chairman of Port Klang Authority (PKA). As executive director of Bank Bumiputra, he took the rap for the RM2.5 billion Bumiputra Malaysia Finance (BMF) fiasco in Hong Kong and was imprisoned for more than 6 years in the then British colony. He is now believed to be living in the U.K.

In 1986, a Royal Commission of Inquiry (RCI) headed by former auditor-general Ahmad Noordin established that what was going on in BMF was just "the tip of the iceberg", implying that bigger hands were at play. But the so called "bigger hands" were never implicated or named.

After Hashim, the chairmanship of PKA was then passed through several MCA politicians beginning with veteran Michael Chen who really did a stellar job seeing the port go through the privatisation process. However, his lesser known successors who didnt really have much to do except to play landlords and collect rent, somehow went off the well beaten track to play towkays.

With the Port Klang Free Zone (PKFZ), we are now staring at a possible RM12 billion hole in the rakyat's pocket. Who will take the rap? Were "bigger hands" at play here too? How come no Royal Commission of Inquiry? Will the true stories behind the BMF and PKFZ scandals ever come to light?

1 comment:

  1. Only the small fish will fry (pun fully intended)! Ling and the other teflon coated MCA bigwigs will walk free because they will have been deemed to have acted 'in the best interest' of the nation!

    Captain, I am incensed that PKA is releasing the $660 million with LHB saying that it is done
    'with all rights reserved.' My two balls!

    This is complete BS. Once the money goes out, it will never come back. PKFZ is technically and actually, broke, and not worth the paper the aseets are recorded on. So, what are they going to recover and in which millennium?

    All concerned should get Pakatan to raise a ruckus to stop that cheque from being cashed. As I said earlier, let the bondholders who negitiated a ridiculous premium, take a HAIRCUT.

    This is strictly business, and in fact the international business community will respect our Govt for not intefering with market forces.

    The Bondholders and Trustees Mafia must be met with a stiff upper cut!!

    It is clear now that there is an UMNO/MCA conspiracy to diddle the Rakyat over the fiasco at PKA & PKFZ!!

    They must be stopped dead in their tracks!


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