Archive for category PKFZ
MCA Ministers and leaders should show at least equal concern for “Justice for 27 million Malaysians who are victims of the RM12.5 billion PKFZ scandal” than “Justice for Ling Liong Sik”
MCA leaders, including Housing and Local Government Minister Datuk Seri Chor Chee Heung, lined up to give support to former MCA President and Transport Minister, Tun Dr. Ling Liong Sik after he was charged with cheating the Cabinet in the RM12.5 billion Port Klang Free Zone (PKFZ) scandal.
Without commenting on Ling’s case, Malaysians are entitled to expect that MCA Ministers and leaders should show at least equal concern for “Justice for 27 million Malaysians who are victims of the RM12.5 billion PKFZ scandal” than “Justice for Ling Liong Sik”.
What have the MCA national leadership, and in particular the four MCA Ministers, done to ensure justice for the 27 million Malaysians in connection with the PKFZ scandal?
Did the MCA national leadership and the MCA Transport Minister Datuk Seri Kong Cho Ha prioritise the interests of the 27 million Malaysians when he overrode the decision of the Port Klang Authority (PKA) and directed it to pay its PKFZ bond obligation of RM222.58 million to Kuala Dimensi Sdn Bhd (KDSB) special purpose vehicle Free Zone Capital Bhd (FZCB)? Read the rest of this entry »
Will Mahathir or any of his Ministers in 2002 Cabinet testify in court of being misled by Ling to approve Port Klang Authority’s purchase of PKFZ land with 15-year repayment with compound interest instead of 10 years?
Posted by Kit in Corruption, Court, Financial Scandals, Mahathir, PKFZ on Friday, 30 July 2010
The charge preferred against former MCA President and Transport Minister, Tun Dr. Ling Liong Sik, in connection with the RM12.5 million Port Klang Free Zone (PKFZ) scandal has mystified many.
The charge against Ling reads:
“That you, between Sept 25 and Nov 6, 2002, at Level 4 of the Prime Minister’s Office in Bangunan Perdana Putra, cheated the Govern ment by deceiving the Cabinet into approving a land purchase in Pulau Indah for a Mega Distribution Hub project in Port Klang according to the terms agreed between Kuala Dimensi Sdn Bhd and Port Klang Authority which, among others, are:
the size of the land being 999.5 acres or 43,538,200 sq ft
the purchase price for the land being RM25 per sq ft amounting to a total of RM1,088,456,000
the repayment period being based on a “deferred payment” of 15 years with an interest rate of 7.5% per annum (total RM720,014,600), and thereby dishonestly hiding the fact that the valuation by the Valuation and Property Service Department on the land was RM25 per sq ft for a repayment period of 10 years or RM25.82 per sq ft for a repayment period of 15 years, including coupon/interest that could be charged for the repayment period.
PKFZ scandal: Ex-transport minister Ling charged
Posted by Kit in Corruption, Court, PKFZ on Thursday, 29 July 2010
Former transport minister Ling Liong Sik was today charged at the Kajang Sessions Court over his involvement in the multi-billion ringgit Port Klang Free Zone (PKFZ) scandal.
Ling, 67, who is also former MCA president, is by far the most prominent politician to be nabbed in recent years.
He is charged under Section 418 of the Penal Code with misleading the cabinet between Sept 25 and Nov 6, 2002 into agreeing to purchase 999.5 acres of land on Pulau Indah for a project, that is now known as PKFZ, at a price of RM25psf on a deferred payment method for a 15-year period, at a 7.5 interest rate.
The cumulative interest paid would total at RM720 million at the end of the repayment period.
He was also ffered an alternative charge under Section 417 of the Penal Code for the same offence.
Read the rest of this entry »
Call for reports of the PKFZ scandal “super taskforce” to be made public to account for actions taken by Najib administration in past year
Posted by Kit in Corruption, Financial Scandals, PKFZ on Thursday, 29 July 2010
The decision by the Transport Minister, Datuk Seri Kong Cho Ha to override the decision of the Port Klang Authority (PKA) and direct it to pay its Port Klang Free Zone (PKFZ) bond obligation of RM222.58 million to Freezone Capital Bhd (FZCB) is another proof that his topmost concern and those of the Najib Cabinet is to bail out the PKFZ turnkey contractor Kuala Dimensi Sdn. Bhd (KDSB) rather than to do justice to the 27 million Malaysian people in the RM12.5 billion PKFZ scandal.
The PKA Board had acted properly in expressing reservations on the payment of RM222.58 million to KDSB’s special purpose vehicle, FZCB, because of an RM1.4 billion ongoing suit and considering withholding payment because of its worry that it may not be able to recover funds from KDSB.
Kong’s decision is all the more deplorable as it has now been revealed that KDSB had given undertakings that it will cover any shortfall in bond repayments should PKA fail to do so, making it KDSB’s problem and not that of Malaysian taxpayers.
Read the rest of this entry »
PKFZ: ‘Gov’t will pay RM700mil to bondholders’
Posted by Kit in Financial Scandals, PKFZ on Tuesday, 29 June 2010
By Christine Chan | Malaysiakini
Deputy Transport Minister Abdul Rahim Bakri has given an assurance that the government will pay what is due to the Port Klang Free Zone (PKFZ) bondholders.
“We have a commitment to the bondholders, therefore we have to fulfill it,” he told the House today, when winding up matters relating to the ministry in the 10th Malaysia Plan.
He was replying Lim Kit Siang (DAP-Ipoh Timor) who had asked whether Port Klang Authority (PKA) would make any payments to PKFZ turnkey contractor Kuala Dimensi Sdn Bhd (KDSB), given the legal dispute between them.
PKA is due to pay RM723 million to the bondholders tomorrow, akthough it has taken KDSB to court for alleged overcharging.
The Internal Revenue Board (IRB), Lim noted further, has also asked PKA to pay RM328 million owed by KDSB in alleged backdated taxes.
Read the rest of this entry »
Would new Transport Minister support Port Klang Authority in withholding the next payment of RM772 million to KDSB turnkey contractor for the Port Klang Free Zone (PKFZ)?
Would the new Transport Minister, Datuk Seri Kang Cho Ha support Port Klang Authority (PKA) in withholding the next payment of RM772 million next month to Kuala Dimensi Sdn. Bhd. (KDSB) the turnkey contractor to Port Klang Free Zone (PKFZ)?
In September 2007, I was given the schedule of repayments by PKA to KDSB for RM4.6 billion from 2007 to 2017 in connection with bonds raised by KDSB and which plunged the country into the RM12.5 billion PKFZ scandal.
The schedule of repayments as reported to Parliament by the then Parliamentary Secretary to the Finance Ministry, Datuk Seri Dr. Helmi bin Yahya stipulates the following repayments to KDSB:
Year Amount (millions)
2007 RM510
2008 RM660
2009 RM660
2010 RM772
2011 RM487
2012 RM733
2013 RM170
2014 RM170
2015 RM170
2016 RM170
2017 RM179
Total` RM4,681
PKA has repaid KDSB RM1.83 billion from 2007 to 2009 and is scheduled to repay the RM772 million due this year in four parts between June 30 to July 31. Read the rest of this entry »
‘When will PKFZ probe be done – Resurrection Day?’
Posted by Kit in Corruption, Financial Scandals, PKFZ, Parliament on Wednesday, 9 June 2010
By S Pathmawathy | Malaysiakini
Though the newly-appointed Transport Minister Kong Cho Ha has said there is no need to look further into the Port Klang Free Zone (PKFZ) fiasco, opposition veteran Lim Kit Siang (DAP-Ipoh Timur) has refused to let the matter go.
The DAP veteran politician during the question-and-answer session in the Dewan Rakyat, demanded to know why then-Transport Minister Chan Kong Choy has not been probed despite being implicated by the Public Accounts Committee (PAC) in the controversy.
The PAC had recommended in its report on the PKFZ controversy last year that Chan be probed for criminal breach of trust (CBT) over his allegedly wrongful issuance of three letters of support.
Chan was said to have issued the letters of support for a turnkey contractor without the approval of the Finance Ministry to raise funds for the PKFZ project, costs of which may balloon to a whopping RM12.5 billion.
Read the rest of this entry »
RM12.5 billion PKFZ scandal – More stonewalling
Posted by Kit in Corruption, Financial Scandals, PKFZ, Parliament, Twitter on Wednesday, 9 June 2010
Tweets @limkitsiang:
My Q in Parl – progress in MACC campaign agnst ‘grand corruption’ n Y no big fish in PKFZ scandal nabbed?
Wednesday, June 09, 2010 10:02 AM
But as expected Stonewalling answer saying MACC investigating although I reminded House of AG saying last Dec that more arrests 2come RT @beyondrock Now that is a good Question
Wednesday, June 09, 201010:29 AM
Asked why no action on PAC proposal agnst exTransp Minister ChanKongChoy 4CBT 4issue illegal LettersOfSupport DepMin LiewVuiKeong was silent
Wednesday, June 09, 2010 10:40 AM
AGGani said Dec re PKFZ:”This is just tip of d iceberg..just 1st phase of investigations..certainly not end of matter but just beginning..Other individuals will b charged in stages” Now nothing after >6mths
Wednesday, June 09, 2010 10:50 AM
Two parliamentary questions on Najib’s three strategic initiatives to transform Malaysia but which have run aground
In the forthcoming parliamentary meeting beginning on Monday, I have given notice to pose two questions to the Prime Minister, Datuk Seri Najib Razak on his three strategic initiatives to transform Malaysia but which have run aground because of strong opposition mostly from Umno and its outsourced organizations like Perkasa.
These three initiatives of Najib are his three strategic pillars which make up his roadmap to achieving Vision 2020 – an high-income advanced nation with inclusiveness and sustainability by 2020:
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1Malaysia, People First, Performance Now;
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Government Transformation Programme; and
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New Economic Model.
My two questions are to ask the Prime Minister:
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how many Ministers in his Cabinet, naming them, regard himself/herself as Malaysian first, race second in keeping with 1Malaysia policy; and
Najib Cabinet2 not only the most unrepresentative in nation’s history, but also very backward and inward-looking which does not inspire confidence that 1Malaysia and NEM are more than slogans
Posted by Kit in 1Malaysia, Good Governance, Najib Razak, PKFZ on Wednesday, 2 June 2010
The Najib Cabinet2 is not only the most unrepresentative Cabinet in the nation’s history with the most number of unelected and unelectable Senators, but also very backward and inward-looking which does not inspire confidence that 1Malaysia and New Economic Model (NEM) are more than slogans.
The minor Cabinet reshuffle yesterday is the second blow in a week to Najib’s claims to reformist credentials – the first being the public humiliation and slap-in-the face the Prime Minister endured when he attended the congress of the Perkasa-led Malay Consultative Council on Saturday to be told of its rejection of NEM.
After the Prime Minister had talked so much about national political, economic, social and government transformation if Malaysia is not to miss the boat to escape the two-decade middle income trap and take the quantum leap to become a high-income advanced nation with inclusiveness and sustainability by 2020, one would have expected the Najib Cabinet2 to send out the message: “We are capable of change”!
But this is not the case. Instead of change and a breath of fresh air, Najib’s Cabinet2 is another game of musical chairs with old, tired and discredited political faces.
Read the rest of this entry »
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