Saturday, December 01, 2007

Happy days are here again?

(Source: The Star)

Yesterday's the Star reports (read here) that the worst is over for Port Klang Free Zone (PKFZ). At the launching of PKFZ new logo on Thursday, Transport Minister Datuk Seri Chan Kong Choy (photo, right) said,"Investors, including big multinational names, are bringing in millions of ringgit and job opportunities are expected to increase by a hefty 2,252% by the end of next year."

Oh yeah? Job opportunities for whom? Who are these big multinationals?

"Although the Government is expected to provide Port Klang Authority with a soft loan amounting to RM4.6bil to develop the PKFZ, every sen of the loan would be repaid," Chan said."The life span of PKFZ is more than 50 years. It is long enough for repayment. Once the loan is settled, PKFZ will be a good income generator."

Hello, haven't you been listening? The issue here is how did a project which should only cost between RM1.8 to RM2 billion ballooned to RM4.6 billion? What happened to the RM2.6 billion? If the project was deemed very viable at the outset, why the need for a government soft loan, or to put it bluntly, a bailout?

I hear that to make it look good, rentals and leases are now being offered at very low rates. How to pay back the taxpayers money? Full repayment in 50 years? How is this price cutting affecting the local business market?

(Above photo also shows my former boss, a very happy Tan Sri Gnanalingam of Westport (center) who had pleaded poverty and paid me peanuts, but is now listed by Forbes as one of the 40 richest men in the country. Sheeesh.)


  1. Scenario one.
    Ministry of Transport Logic
    New logo = new, virginal, clean, fresh and sanitised, just a fully repayable RM4.6 billion tiny soft loan!

    Scenario two.
    Voters Logic:
    Bullshit makeover, barefaced cover up, fairy story pretending nothing untoward ever happened, and everyone will live happily ever after. Where's the missing RM 2.6 billion?
    The RM 4.6 billion bail out, sorry 'soft loan', will in all probability, never ever be repaid to the national coffers, some will in all likelihood be creamed off here and there.

    "...job opportunities are expected to increase by a hefty 2,252% by the end of next year."

    So assuming if just one average person is employed now, there will be 2,252 hefty persons employed by the end of 2008; wow, such accurate forecasting.

    Will anyone believe the 'official' cleaner than clean version though?

  2. capt, there would never be a pay back! Even if every square inch is leased or sold, the turn over can not even pay the 4% interest stated. This would become another project for privatization [= piratization] by a friendly party on a commission basis, say 17 1/2 % for 'management of the LOST cause'. there would be no review of all the 'super-profit' made at the expense of the Malaysian tax payers. All this because, we fell for some sweet talks 4 years ago. Let's all remember this, come the next GE!!

  3. the state propaganda paper ie STAR has been playing up the prospect of Port Klang Fleece Zone. Look, CKC come clean and give us the financial numbers that the bail-out loan can be repaid. Not only that, just tell us:
    why did PKA bought the land at the inflated price?
    is it true that there is a clause in the constrcution contract to provide for cost overruns?
    that there were no prior approvals for the issuance of the guarantees and that you and the Ling fella has acted beyond your powers?
    CKC, your silence on these issues only serve to confirm that you together with the UMNO and Sarawakian fella are in cahoots to rip off the country's resources and therefore you are no less a traitor. CKC, dont try to hoodwink us. if you have any integrity left, apologise to the rakyat and expose the corrupts and thereafter resign. Or you are no different from the previous fella in MOST CORRUPTED ASSOCIATION.

  4. CKC whatever public relations you do on PKFZ the fact remains that PKFZ project is ridden with corruption. The spoils are shared by you, the MP from Bintulu and the UMNO fella deputy minister of Information. Unfair accusation? then tell us the following:

    1 How many contracts were given out?
    2 Why were these contracts given out without tender?
    3.Give us a list of contracts and the prices for each,
    4 Do not speak in general. Which company have confirmed investment or you still talking?
    5 How many of the 512 warehouses taken up?
    6 If you have given away those warehouses for free or cheap rental to show success, what happen to those who have build warehouses in port klang with their hard earned money?
    7.What about the unnecessary convention centre of PKFZ when will it be used?
    8. What about the unnecessary Hotel build for PKFZ, when will it be used?
    9.The oversized office complex, has it been rented out? How many of the 2000 covered car parks you constructed have been used?
    10. Why did you issue Govt guarantee for 3.6 bill and only after contracts are awarded seek govt approval?
    And one personal question:
    There is a Kuala Dimensi/Wijaya Baru private plane parked in Singapore how many times have you gone on holiday with it with the MP of Bintulu.Isn't this the place all the contracts are signed?

  5. Captain,
    I am glad you brought this up. CKC will get a full and prope r dressing at least in your blog even though the MSM wont print any of it. Rest assured people are reading this and it will be fodder foor the coming GE.

  6. anon 00.20

    news to me that there's a private plane owned by kuala dimensi. but i aint surprise. the Port Klang Fleece Zone prokect would have netted enough to buy many jumbo jets let alone private jets.
    after the Port Klang Fleece Zoe, a multi-million contract ( no less than RM300 million) was given to them for flood mitigation in KL on negotiated basis ( read my lips, it means fucking inlfated contract) again.
    The PM said he has big ears and will listen. Guess, he is near deaf and blind now to all these corruption. But, he still has a big big mouth to keep on talking and talking.

  7. God, doesn't it just make your skin crawl seeing these crooks feigning ignorance of the part they had in one of the greatest lootings in Malaysian history.

    Being responsible for a scandal of such proportions, one would think that they would show some signs of contrition. But no. They reappear at an enormously important event, the unveiling of a logo, smiling and back slapping each other to show the world they remain unaffected or indifferent to the shame they should be feeling.

    Or maybe it is their way of showing their "up yours, what can you do to us" mentality to Malaysians.

    Looks like they are the new untouchables, the latest pariahs on the block, of this country.

    Even dogs know when to slink away when rebuked.

  8. 2,252%?

    this figure boggles the imagination.

  9. reason said
    nothing great about 2,252%. try starting with zero base. then you have certain growth. anything divide by zero, you get infinity. what the big shit about 2,252%.
    CKC and the gang of looters in MCA and UMNO ( and of course the fella in Sarawak), where is your conscience? you took billions and those that need the billions sufferred as a result. when will you fellas stop all these corruption?
    Badawi ( you dont deserve the pak lah name , no more) are you hearing? or your big ears ( as large as elephant) is just for show coz you are near deaf. if you dont stop this sort of corruption, then dont be preachy about your religion and bring disrepute to that.

  10. how on earth did they arrive at that percentage? At 4% on $4.7 B, will cost you $168M in interest p.a. With some 700 acres of land for lease, you need to generate $240,000 per acre per year!! or 46 cents per square ft per mth! Maybe BHP would consider it for gold mining! Of course at that price there would be no takers. So the rate, I was ttold was reduced to 15 cents per square per month! subsidized at 31 cent per square plus Gaji at commercial rates for jobs that guarantee to lose money!!
    Malaysia BOLEH!!!!!!

  11. Folks, folks, folks! Take it easy with all your calculations and assumptions and analysis of the garbage discharged from orifices masquerading as mouths on these creeps.

    These people just don't care. Don't care to even use a bit of their cranial capacity or intelligence (assuming they have either)to come up with anything resembling logic.

    To them, we don't deserve any respect. That's why they don't think twice about insulting our intelligence. They are untouchable, so they can spew out any garbage they like. Power, arrogance, a basic lack of checks and balances and, yes, our perceived impotence, make people like them mentally and intellectually lazy.

    Nobody challenges them at press conferences, or anywhere else for that matter. A snowball has a better chance of survival in hell than for us to expect our servile and toadying press to do anything, except to nod their heads and report verbatim, whatever trash these people throw at them.

    And to them, no challenge and the thrill of seeing their statements published in the newspapers, is evidence enough that what they speak are gems of wisdom.

    To even think of a response that is honest or logical is too much of an effort to waste on us. So, no need to engage brain before speaking. I am sure they have other more important, personally rewarding matters deserving of their mental faculties to lay their greasy hand on. To them, the nation, its reputation and its future is of lowest priority.

    I suggest we ignore them at every opportunity we get. If that's not possible, treat them with the contempt they fully deserve. One way is to not dignify their statements with reasoned or logical responses. They will just laugh at and off your efforts, while toasting each others brilliance. Cease casting pearls at swine.

  12. anon 23.55

    what has the msm been doing? nothing except to paint a rosy picture of this Fleece Zone. I like to use fleece rather than free coz taxayer's monies have been fleeced big time. At just 4% interest rate, the project is evidently not viable. how is the project going to generate sufficient income to repay the loan. if it is not bail-out, what the heck is that?
    the whole government to protect some elitist ( or cronies) and the politicians. Its just more than viability. its about the corrupt process in this fleece project. Does Islam Hadhari sanction corrupt acts. It seems so since the government has agreed to provide the funds to them bail-out.

  13. And what happen to the Parliamentary Audit Committee. Nothing.
    Shahril as Chairman of this Committee you are a disgrace. Or maybe the looters took care of you as well.


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