Saturday, May 03, 2008

PKFZ - Independant Audit

The Star online reports today, here, that transport minister Ong Tee Keat has announced that an independent accounting firm will be appointed to conduct an overall audit on the accounts of the Port Klang Free Zone (PKFZ) project. However, Ong said that the audit is not a probe on any party relating to handling of the accounts in PKFZ and the name of the accounting firm will be announced next week.

The minister had previously promised to reveal how the RM4.6bil soft loan to the PKFZ was spent after costs of the project were said to have ballooned from RM1.845bil. "The audit is necessary for PKFZ to make a fresh start. There have been many reports criticising PKFZ as a ‘white elephant’ and a scandal," he said. “This is a grave accusation when nothing conclusive has been proven yet.”

Ong also named Lee Hwa Beng, the losing MCA candidate for my Kelana Jaya parliamentary seat (I did not vote for him) as the new Port Klang Authority chairman. An accountant by training, it is hoped that Lee would do his best to clarify the PKFZ's accounts, although I do question the MoT's motives in fielding a people's reject to do a man's job.

But lets give the guy a break. It would be interesting to know which accounting firm has been selected. Lets also hope that this isnt just another PR exercise.


  1. Mr. Lee Hwa Beng is running an Audit Firm. Hope the one he chooses to audit PKFZ is not his friend.

  2. Captain,
    It will be just an audit with nothing to show or rectified. Those who perpetrated the plunder will be laughing all the way to the band and enjoy the fruit of his labor.
    More money will be spent to fill the coffer (or coffin?) of a certain audit firm. I bet they wont even release the report.

  3. the audit will confirm that RM4.7 billion was spent. thats the role of the auditors.
    wanna know more? sorry, its OSA. hey, who is now the deputy speaker in parliament? that is a confirmation everything is ok and the scandal will remain well contained.


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