This PKFZ scandal is an issue about corruption, public funds derived from taxpayers’ money being channeled in a dubious manner to shore up a grossly mis-managed high profile project.
Surely, the supporters of UMNO’s BN know this very well, that UMNO’s own disciplinary board had found Malacca CM & Rembau MP guilty of money politics, but MACC thought it was a fairy tale and therefore, no corruption &.no need to investigate.
But when there was just a rumour or gossip about money politics in PAS, MACC didn’t think it was a fairy tale, and quickly pulled in a PAS member for questioning.
Remember that intrepid reporters had earlier published articles of about the PKFZ scandal in the Sun quite long ago, and if it was really some fairy tale consisting of a repetitive, stereotype, predictable and exaggerated same old storyline, those reporters would have already been sued for libel.
But they weren’t.

cintanegara, before only your thing downunder was frigid, now your otak also become frigid.

I wonder why such a dodo still exists. All it can do is to bury its head inside the sand and to expose its rear end.

Somebody must send this dodo to the Singapore zoo.

Ong Tee Keat may be an excellent Chinese essay writer but we may judge from his above comment that Ong Tee Keat indeed knows nothing much about businesses and accounting. Perhaps Ong Tee Keat should have consulted the departmental head of MCA HQ Complaint Service Team, Mr Michael Chong, on the consequences of defaulted repayment to Ah Longs which happened to Michael Chong’s complainant clients in order to get a better understanding on the effect of compound interest calculations plus the punitive interest calculations after a delinquency in overdue loan repayment.

Ong Tee Keat’s comment that the total cash outlay projection can be brought down to a much lower figure ‘by engaging legal experts and consultants to recover the “overcharging” reported by PcW’ was really an irresponsible remark uttered from the mouth of a novice Politician who has no reasonable level of knowledge about the basic accounting principles – one of which is being the principle of taking the lower cost of assets at market value or at cost price (LCM) in the assumption of a liquidation situation.

In view of the current bleak economic situation of global recession, we are only able to forecast a much lower sale value for PKA’s assets now in case of forced liquidated disposal as compared to the audit date of PwC audit on PKA accounts, that was being carried out during a time when American 2008 financial crisis had never been disclosed to the whole world. I am in great doubt that Ong Tee Keat’s legal experts and consultants will be able to find any ‘overcharging’ item in the PwC audit report.

If Ong Tee Keat is trying to suggest that he can get the BN Backbencher Leader Tiong Keng Seng to lower the interest rate chargeable on PKA or to waive PKA from paying the overdue interest, then he is suggesting ‘changing rules in the midst of the game play.’ If such practice of changing rules in the midst of playing game is allowed to prevail in the Government-Linked Corporation like PKA, then it is most likely going to send a thunderstorm negative message to the business world. Such a negative message may have caused a crisis of loss of confidence in the integrity of Malaysia’s Federal Government and of loss confidence in the enforceability of all contractual agreements signed between the private main contractors and the Government-Linked Corporations.

The country risk rating of Malaysia’s business environment will most likely be plunged and plumetted to the one-time lowest level if Ong Tee Keat’s suggestion for changing rules in the middle of the game play can be acceded by any judicial courts of Malaysia!

TNB is building a new hydroelectric project above the current Kenyir dam called Ulu Terengganu. It has a tag price of 1.4 billion. Due to the poor hydrology, there is water to run the turbines only 15 pct of the time. Each unit of electricity will cost about 3X the cost of a unit produced by an IPP. Once TNB made the decision to go ahead, the Terengganu government issued licences to several crony companies to log an area of 12,000 hectares.

Now you guys can puke.

Your link suggests that the price tag of the new palace has increased from RM400 million announced by Semi Value 6 years ago to RM 1.1 billion now. My sources put the latest price tag at RM 1.2 billion inclusive of all imported furnishings.

As with all projects in Bolehland, the bigger the price tag the better, as there will be more to share around.

Only [deleted] will rob and steal.

Satu lagi Projek [deleted] Negara should be named after PFKZ in honor of those who have quit the board of directors after filling their stomach.

[admin - we are civilised in our discourse, derogatory words not allowed]

http://mt.m2day.org/2008/content/view/22682/84/

http://sjsandteam.wordpress.com/2009/06/02/a-royal-salute-or-a-royal-screw/

My reply to this disgraceful MCA chairmeh is go home and do more calculation how many billions were lost and how many billions more going to go to your pocket before opening you big b***dy mouth.

You think the rakyat are bodoh?! PFKZ going to be the bulleye to bury corrupted BN once and for all in the 13th General Election!!!

Can you please start a fundraising exercise to collect sufficient money to put up a billboard at PKFZ with the words: “Satu Lagi Projek Barisan Nasional.”

Otherwise, King Ta Kut will be forced out of office by the people power. Just imagine the tremendous and huge amount of money (RM12.5 billion) involved. How much developments can be carried out with RM12.5 billion for the Rakyat to enjoy?

Why was King Ta Kut so irresponsible to provide answers on the questions raised by brother Kit Siang on behalf of the people. King Ta Kut was directed by Najib to answer. If King Ta Kut cannot do it, just say so.

What kind of consultancy work is that that is worth RM5.4 million a month? It’s better than robbing a bank for one and a half year’s work. And seems like it’s tong sampah work, looking at the end result.

Kuala Terenganu mean land of the down with the
nation.
So the stadium named after the Agong who has
failed to do his duty for the nation for the common good of 27 millions, is receiving yet another alert.

According to Rukun Negara, when the Agong fails,
God takes over as the next step. DAP is hosting a ceramah titled ” Political crisis… what is next?”

So IGGG is a must on the day Najib travels to China.

Gong Badak and Agong must be noticed as relevant.

The failed nation when it collapses many will be victims.
Right now where has all the RM150 billions in Bank Negara M’sia gone over a year from 2008 to 2009?

Joshua

So we pay 1 ringgit and really obtained 40 sen worth of work. This in PwC language is “not getting value for money”. It’s been going on for 30 years.

The stadium roof there collapsed this morning, after the Jaya Supermarket building collapse last week. And it is a new structure too.

Something is wrong with our professional standards perhaps. JKR, engineers, architects, contractors, what have you.

Soft loans are at very low rates, very much below market rates. Somebody, the taxpayer, has to bear the “hidden” difference in rates. Why is the taxpayer subsidising PKA when it is supposed to be self-sufficient, self-supporting?

What if the interest rate is at full market rate as it should be? Might the true cost then amount to RM 20 billion or perhaps even more?

Already the interest-to-cost ratio is already 300 – 500%.

And so many “experts” and “consultants” are constantly being employed on this gravy train. Now they want to employ more of these “experts” and “consultants” to “advise” and “check” on the previous ones.

Doesn’t the gravy train ever stop?

Unbelievable, how many things are done in this country.

If you don’t believe what happen in KT stadium? What happen to Perak where building also have collapsed no long ago. What action have been taken? Ai Ya, you questions is good academically.

If they are sincere to answer your questions they should have answer will queries raised in the Sun paper long time ago?