The Prime Minister, Datuk Seri Abdullah Ahmad Badawi should take drastic step to ensure that Malaysia does not celebrate the 50th Merdeka anniversary in nine days’ time with the RM4.6 billion Port Klang Free Zone (PKFZ) scandal stinking to high heavens.
The past few days have seen more skeletons of the RM4.6 billion PKFZ scandal coming out of the cupboards, with the Sun reporting yesterday that the government has been placed in a position of having to divert RM4.6 billion of public funds to bail out the Port Klang Free Zone because the Transport Ministry had given undertakings it was not authorised to do so.
The Sun reported that the Transport Ministry issued “letters of support” which were used by the turnkey contractor – Kuala Dimensi Sdn Bhd (KDSB) – to raise bonds and get an AAA rating from the Malaysia Rating Corporation Bhd.
The four letters were issued between 2003 and 2006 for the issuance of bonds for the RM4.6 billion cost of the project.
The question Malaysians want answer is why the Transport Ministry had illegally without sanction from the Finance Ministry issued letters of support to enable Kuala Dimensi to issue RM4.6 billion bonds to cover its cost overruns, which must now be borne by the government and the 26 million Malaysians — despite the Transport Ministry’s assurance that the PKFZ would be feasible, self-financing and would not need to involve a single ringgit of public funding.
Public Accounts Committee (PAC) Chairman Datuk Shahrir Samad has called a PAC meeting on the PKFZ scandal to look into two concerns:
- Will it involve any government bailout; and
- Will it affect foreign investors’ confidence in other projects in Malaysia, like the Iskandar Development Region and other developments.
The Transport Minister, Datuk Seri Chan Kong Choy will be guilty of grave breach of parliamentary privilege if Parliament and the PAC are misled into thinking that the issue of the RM4.6 billion PKFZ bailout has yet to be decided by the Cabinet — if in fact, such a decision had already been made and taken by the Cabinet.
This is why Chan cannot continue to keep dumb on the RM4.6 billion PKFZ scandal and must come out with a clear and unequivocal statement as to whether the Cabinet had taken a policy decision on the bailout, and if so, when the decision was taken and why.
Even more important, Malaysians are entitled to know why the disgraceful culture of impunity continues to be perpetuated with no one being held responsible for the RM4.6 billion PKFZ scandal, especially when the government had been given a categorical assurance that the PKFZ project would be feasible, self-financing and would not need to involve a single ringgit of public funding.
The Transport Minister responsible for Malaysians losing RM4.6 billion of public funds which have now to be diverted in a bailout of PKFZ project must be brought to justice for gross negligence and criminal breach of trust.
If Datuk Seri Ling Liong Sik who was Transport Minister until 2003 was responsible for the RM4.6 billion PKFZ scandal, then he should be arrested and prosecuted in court. If Chan is responsible, then let Chan be charged for the RM4.6 billion negligence.
If both Ling and Chan are both jointly responsible, then let both be charged in court — which is the only way to ensure that Malaysians can celebrate the 50th Merdeka anniversary with some pride about our national integrity instead of having to hang our heads in shame with the RM4.6 billion PKFZ scandal stinking to high heavens
#1 by smeagroo on Wednesday, 22 August 2007 - 4:16 pm
If Ling and co can be charged then cows can fly and our Pee Ammm is not so sleepy afterall. BUt dont bet on it.
Happy 50th whatever!
A thief will always be a thief and will protect another thief.
#2 by dawsheng on Wednesday, 22 August 2007 - 4:32 pm
Uncle Kit, you know this PKFZ already stink till the highest level of heaven because the got cheated Arab brothers from Dubai pray to Allah so God already know.
#3 by wtf2 on Wednesday, 22 August 2007 - 4:48 pm
CKC is MCA rite? now they really must kowtow to the master of the BN.
All the talk during the MCA GM can be regarded as rubbish by the public.
#4 by Toyol on Wednesday, 22 August 2007 - 4:53 pm
The same will go for the SJER and Nothern Corridors as well. More bail outs using public funds is coming our way. The announcements are just pre-Election sweeteners…after they have won, the rape begins.
When are Malaysians going to listen to logic and common sense and use their votes wisely. Their vote determines the direction of the country and more so in times like this. I am not saying that all will be rosy with the Opposition but al least there will be more check and balances and the people’s voices will carry more weight. Rights now, the Opposition voice is just a distance yelp, ignored by the corrupt. The Opposition must have a voice as loud as a fog horn…!!!
#5 by Bobster on Wednesday, 22 August 2007 - 5:15 pm
Think this is the BEST masterpiece BN government offers to the Rakyat for the comemoration of 50th Aniversary!
Nasri shouted (ref. to Negarakuku) :- ‘We have Law!’
Rakyat asking:- ‘Do We?’
PM answered:- ‘I don’t know …. zzz’
Merdeka??? Are we? More like living in oppression under the corrupted and racist regime.
#6 by Bobster on Wednesday, 22 August 2007 - 5:18 pm
Sorry typo error should read ‘in commemoration of 50th Anniversary!’
#7 by malaysia born on Wednesday, 22 August 2007 - 5:28 pm
The silence by everyone in the government says a lot about how guilty these crooks are.
That’s right, Mr. PM. The longer you keep quiet about this issue, the more your credibility (or what’s left of it) will go down the toilet.
The only thing you have achieved thus far as our PM is to show us (and in the process, the entire world) how incompetent you are.
Ponder on this the next time you wake up for work: You may choose to go more lower down but do you have to bring our country down with you too?
DO THE RIGHT THING!
#8 by Godfather on Wednesday, 22 August 2007 - 5:32 pm
Folks:
Don’t let names like Ling Liong Sik, Chan Kong Choy and OC Phang cloud your judgment. The true beneficiaries of the PKA scandal are UMNOputras who basically coerced the MCA spineless dogs into signing off on anything they (the UMNOputras) wanted. Of course the MCA spineless dogs were thrown some crumbs as is the standard practice nowadays.
This goes beyond the issue of financial irregularities perpetuated by those in power. It also demonstrates the master-servant relationship between UMNO and MCA. It also demonstrates the state of mainstream journalism in Bolehland.
Shame is not a word these thieves understand. Shame is not a word that the mainstream journalists understand. All of these people have sold their souls for money, for expediency and for security of their jobs.
#9 by Godfather on Wednesday, 22 August 2007 - 5:32 pm
Folks:
Don’t let names like Ling Liong Sik, Chan Kong Choy and OC Phang cloud your judgment. The true beneficiaries of the PKA scandal are UMNOputras who basically coerced the MCA spineless dogs into signing off on anything they (the UMNOputras) wanted. Of course the MCA spineless dogs were thrown some crumbs as is the standard practice nowadays.
This goes beyond the issue of financial irregularities perpetuated by those in power. It also demonstrates the master-servant relationship between UMNO and MCA. It also demonstrates the state of mainstream journalism in Bolehland.
Shame is not a word these thieves understand. Shame is not a word that the mainstream journalists understand. All of these people have sold their souls for money, for expediency and for security of their jobs.
#10 by Godfather on Wednesday, 22 August 2007 - 5:32 pm
Folks:
Don’t let names like Ling Liong Sik, Chan Kong Choy and OC Phang cloud your judgment. The true beneficiaries of the PKA scandal are UMNOputras who basically coerced the MCA spineless dogs into signing off on anything they (the UMNOputras) wanted. Of course the MCA spineless dogs were thrown some crumbs as is the standard practice nowadays.
This goes beyond the issue of financial irregularities perpetuated by those in power. It also demonstrates the master-servant relationship between UMNO and MCA. It also demonstrates the state of mainstream journalism in Bolehland.
Shame is not a word these thieves understand. Shame is not a word that the mainstream journalists understand. All of these people have sold their souls for money, for expediency and for security of their jobs.
#11 by Bobster on Wednesday, 22 August 2007 - 5:32 pm
Abdullah Ahmad Badawi has the gut to ask the media recently how to eradict poverty?
Here we have 4.6 BILLION RINGGIT MALAYSIA gone to the dogs!
Can’t believe the GOVERNMENT OF MALAYSIA is silence on this issue!
The whole country really going KUKU under the present administration!
#12 by Godfather on Wednesday, 22 August 2007 - 5:34 pm
“WE ARE NOT IN THE BUSINESS OF CHEATING THE PEOPLE.”
– AAB, 2006
#13 by ihavesomethingtosay on Wednesday, 22 August 2007 - 5:47 pm
“WE ARE NOT IN THE BUSINESS OF CHEATING THE PEOPLE; we have croonies for that.” 2007
#14 by Jeffrey on Wednesday, 22 August 2007 - 6:17 pm
If “the Transport Ministry had ILLEGALLY without sanction from the Finance Ministry issued letters of support to enable Kuala Dimensi to issue RM4.6 billion bonds to cover its cost overrunsâ€Â, why should the government of Malaysia honour the bond/debts/liabilities to the banks up to RM4.6 billion cost to public purse?
Wouldn’t doing it set a precedent and encourage other Ministries to illegally bypass in the same way the Finance Ministry to do the same misfeasance in the future?
This is not the question of anyone trying to screw the financial institutions but themselves should evaluate their credit risks on the project based on RAM’s rating and if they wanted something ironclad as security, get the government of Malaysia via the Ministry of Finance to issue a guarantee. It is not that MOF has not issued guarantees before in respect of government sponsored projects! What is the point of issuing guarantee when one says letter of support operate just as binding as guarantee?
Admittedly we don’t know contents of the 4 Letters of Support which may under the caption of ‘letter of support’ well give assurances in substance tantamount to a guarantee : but short of that, support means precisely that the government supports the project and would give requisite approvals and exemptions where applicable not amounting to underwriting and guarantee, so why does government now want to pay from public funds to meet liabilities committed illegally (ultra vires) by and in excess of the authority of the Ministry of Transport in light that the proper authority to give these letters of support ought to be the Ministry of Finance?????
If the relevant Minister or DGI or official in Ministry of Transport Ministry has exceeded the legal powers and authority in issuing the letters of support, then these letters cannot bind the government and the relevant official committing the misfeasance should be liable for the liabilities flowing from these letters.
#15 by wtf2 on Wednesday, 22 August 2007 - 6:36 pm
BODOWI is just the wayang master.
perhaps waiting to retire to Perth to sell nasi kandar
#16 by Godfather on Wednesday, 22 August 2007 - 6:46 pm
And the only (pathetic) defence that UMNO cronies like RealWorld will say is this: How sure are you that such scandals will not occur when the Opposition comes to power ?
No regime change effectively means that the country will be stolen blind.
#17 by k1980 on Wednesday, 22 August 2007 - 8:10 pm
MCA boss does not believe the PM who said he has been, is, and will always be fair to all Malaysians?
http://www.sun2surf.com/article.cfm?id=19067
For the MCA, Umno’s first partner in the Alliance, and later in its enlarged coalition of Barisan Nasional, to speak out against certain unfairness on the eve of the nation’s 50th birthday indicates that something is not quite right somewhere, perhaps not quite right with the whole process of nation-building.
#18 by k1980 on Wednesday, 22 August 2007 - 8:13 pm
The true beneficiaries of the PKA scandal are UMNOputras who basically coerced the MCA spineless dogs into signing off on anything they (the UMNOputras) wanted. Of course the MCA spineless dogs were thrown some crumbs as is the standard practice nowadays.
————————
This in no way lessens the MCA’s guilt in collaborating with the scum in cheating the country of billions of ringgit. They should be hanged together from the same lamp-posts.
#19 by ADAM YONG IBNI ABDULLAH on Wednesday, 22 August 2007 - 8:34 pm
JUST EXERCISE YOUR VOTE CORRECTLY.
IS THAT SO DIFFICULT?
#20 by nukie on Wednesday, 22 August 2007 - 9:08 pm
With such scandal, this is definitely going to shake the confidence of the investors. Malaysia has become less competitive comparing to china whom is now a fast growing country at a tremendous pace.
I am not an economist but what I darn sure that cost of investing in Malaysia is higher comparing to China. Intel has already invested US$375m in a new China Plant in Sealing and Testing Process. Is a matter of time they will pull out of Malaysia and move their entire production lines to China or countries that have cheaper labors.
With the crime rates getting worse in our homeland, isn’t this the
sign this will give more reasons for the investors to pump their monies into another countries that are safer and cheaper?
Stop poking at small issues like Name Wee and start thinking of saving our country and our people. Look at more serious issues then just narrowing our mind into smaller matters, we have bigger issues to look at!!!!
Wake up!!!
#21 by UFOne on Wednesday, 22 August 2007 - 9:19 pm
Nothing like looking into the fall and rise of Japan after world war 2. Toyota started out as early as 1935. Sony in 1945. Honda follow in 1946. The Quality Control Circle aka QCC started out also from Japan and it underwent changes until 1962 when the present format is being used in many government departments in Malaysia. Where did they get their money for research, for experiment and for investing in trade ? It only took them just a short time to build up their economy and later turn their war strickened bombed nation into one of the world’s most industralized nation. I am very sure that they saved and they saved and they saved some more. Look at us. Look at poor Malaysia. 50 years passed. Everynow and then people bark about how money is used. Nobody listened. Now the government is tightening its’ expenditure. Budget must be issued with care. You are accountable for every cent you spent in the department. Those are just peanuts compared to all the multi million, multi billion and all the ringgits dumped into projects, into trade, into investments, into not sure what and in the end, everyone scratch their heads and wonder what happens to the money. 50 Malaysian years compared to that one Japanese year. Shouldn’t we be ashamed of ourselves ? Second thought, shouldn’t the government be ashamed of squandering away ringgits and does not know where they have gone to.
#22 by ihavesomethingtosay on Wednesday, 22 August 2007 - 9:29 pm
stupid gomen…………….. it’s the 50th Medeka, why stop at 4.6, should go for 5.0, let your Arab breathrens pray for your sins, 0.4 billion more prayers.
That’s alot of prayers, and you’d be needing it if you loose this election.
it’s accountability time!
#23 by k1980 on Wednesday, 22 August 2007 - 9:29 pm
Apa ni, Pak Lah, lu boh jawap?
http://aisehman.org/?p=266
It is insulting when Pak Lah says he is guided by the principles of his so-called Islam Hadhari concept, but does nothing against Umno members involved in the totally un-Islamic affair called Port Klang Free Zone….
#24 by undergrad2 on Wednesday, 22 August 2007 - 9:30 pm
“If Datuk Seri Ling Liong Sik who was Transport Minister until 2003 was responsible for the RM4.6 billion PKFZ scandal, then he should be arrested and prosecuted in court. If Chan is responsible, then let Chan be charged for the RM4.6 billion negligence.”
The only way this could happen is when there is a change in government. The only way for the status quo to change is for us to vote for any other party which are not members of the ruling coalition. Vote DAP because that is the only viable party outside the ruling coalition. Talk about policy change or leadership changes later.
I would vote for any party which promises they will prosecute those responsible for the financial scandals, the bailouts etc. and not just win elections – irrespective of the consequences.
#25 by undergrad2 on Wednesday, 22 August 2007 - 9:31 pm
I’m sick to my stomach!
#26 by kurangajah on Wednesday, 22 August 2007 - 9:38 pm
There are just too many improprieties. RM 4.6 b is a lot of money. If I were the PM and yet I could say that I must wait for so and so to give me the report, then obviously I was either sleeping or I was lying. Just bear in mind that the whole world is watching.
#27 by bystander on Wednesday, 22 August 2007 - 9:43 pm
Lets get it right at the outset lest someone smart alec tender it as an excuse. This is not a case of negligence but an outright fraud with the intention to cheat or rob the rakyat. All the signs to defraud the public were there. Period
#28 by bystander on Wednesday, 22 August 2007 - 9:48 pm
This country and the BN govt are really f—k-d up according to RPK which I fully concur.
#29 by Woody on Wednesday, 22 August 2007 - 10:10 pm
The PM is supposed to ask the Transport Minister for some answers, and looks like it is forgotton or perhaps the transport minister has given the report to him and he has not read it??????
#30 by mybangsamalaysia on Wednesday, 22 August 2007 - 10:13 pm
So afterall, what you and i want to do about it? Are we the majority to voice this?
We also talk only!
#31 by Jeffrey on Wednesday, 22 August 2007 - 10:14 pm
I made an earlier posting that disappeared in Cyberspace. Anyway I wanted to ask why the government should be liable for four letters of support issued between 2003 and 2006 for the issuance of bonds for the RM4.6 billion cost of the project.
I would assume that letters of support from Ministry of Transport would imply that approvals or exemptions from the government, if required would be given to facilitate Port Klang Free Zone project (PKFZ).
It does not mean that the government underwrote the PKFZ and guaranteed third parties and banks RM4.6 billion cost of the project. If it were intended so, the government would have given a guarantee via the Ministry of Finance instead of a mere “letter of support†which ordinarily is issued to provide comfort as distinct from security by way of guarantee.
Even if the “letters of support†were expressed in terms that belie their caption and description – even if they were expressed in terms tantamount to guarantee – the proper authority to issue them in manner binding on the government would be the Ministry of Finance and not the Ministry of Transport.
This means that if the government were to assume liability by way of bail out for letters issued by Ministry of Transport in excess of its authority, such issuance is a misfeasance and being illegal are of no binding effect as to liability on the part of the government – not to mention that it also sets an undesirable precedent for other ministries (other than the proper Ministry of Finance) to assume liability and bind the government for their unauthorised acts.
Third parties like banks ought reasonably to know that only the Ministry of Finance could issue guarantee on behalf of the government and incur liability on its behalf.
Likewise, if letters of support were intended to produce similar effect as a guarantee or indemnity (though not actually described as such), they would still have to be issued by the Ministry of Finance rather than the Ministry of Transport. This means that the reliance placed by third parties and banks on the letters of support issued by the Ministry of Transport as recourse is unreasonable and ought not to be held binding upon the government.
If the Transport Ministry had ILLEGALLY WITHOUT SANCTION FROM THE FINANCE MINISTRY issued letters of support, then these letters of support would not themselves support any claim on the government and to pin point liability on the government is to indirectly sanction an illegal act.
No government who owes a duty to rakyat to protect the public purse ought to assume liability based on letters of support illegally issued……….
The proper recourse of third parties banks is to claim the RM 4.6 billion from the relevant official (whether Minisiter, DGI, or any other official) in the Ministry of Transport who issued the letters of support on behalf of the Ministry of Transport illegally without Ministry of Finance’s sanction – that these third parties had relied upon as a basis to commit their funding in respect of the bonds.
#32 by Jeffrey on Wednesday, 22 August 2007 - 10:26 pm
Third parties and banks should reasonably know that before they place reliance on any letter of support from the government as recourse it should be either issued by Ministry of Finance or if not accompanied by MOF’s express approval and sanction to such letters of support issued by whichever ministry. If they don’t know better they only have themselves to blame : so why is the government coming out to plug such a hole when it has also the corollary duty not to fritter and dissipate the proceeds of public purse not just on the fact that projects failed but that the liability to be satisfied is based on documentation that is tainted with illegality where the relevant Ministry of Transport acted iin excess of proper authority without MOF’s sanction? This cannot be justified!
#33 by Jeffrey on Wednesday, 22 August 2007 - 10:57 pm
I guess the gov’t’s dilemma is if it pays/bails out, it will be accused of frittering public purse to tune of RM4.6 billion by assuming liability on basis of letters of support issued irregularly/illegally – and if it does not pay/bail out, the foreign investors/bondholders foreign banks (+local as well) will be hit, and in foreign investors’ eyes, the rating of the government and sovereign risk will plummet. If it pays/bails out and prosecute persons responsible, the trail will lead to a network of important people that is also going to bring the credibility of the gov’t down.
#34 by badak on Thursday, 23 August 2007 - 12:46 am
Ahh yoi ,please lah dont make noise lah,Mr Lim how to catch this fat people in M.C.A, After all the chiness shout racial issue, Then they take their kung fu sword, then the U.M.N.O take out the kriss,then we all susah,only RM 4.6 billion our goverment very reach wat, Patronas can pay lau ,last year only made RM78 billion profit ah yoi never mind lah.
But please dont tell people ahh Chan kok choi my uncle ah ,my 21st birthday he got buy me a B. M. W sport car, next year my wedding he want to buy me a RM 2 million house he very good uncle lohhhh
#35 by ablastine on Thursday, 23 August 2007 - 12:47 am
There is no doubt that Malaysia at this juncture requires a very strong opposition because of the excess of the present government. That is always the problem when the same old people and leaders are in power for too long. They become entrenched, corrupted, ineffectual, complacent and addicted to power. They build around them with their cronies a power structure that becomes extremely difficult to put down. In any case they know full well that no matter how they perform they will be able to retain power.
Part of the blame lies with the opposition. There is no one strong unifying and multiracial opposition that people can choose so far to stand up against the incumbent. The DAP although has almost all the answers to problems beseting the country, is look upon by the Malays majority as really a Chinese party and therefore fail to get their support. The PAS appeals only to a minority group of very pious and conservative individual of the muslim faith, mainly in the east coast. Keadilaan is a recent phenomenon and Anwar may not even be eligible to stand this coming election. Further the philosophy of the DAP and PAS are diametrically opposing and any suggestion of collusion will tantamount to political suicide for both sides.
Even so my bets will still remain with DAP. It has leaders that have proven to be of substance, principled and able to take the heat quite unlike the gang of ballless and brainless bums at MCA. However, I think DAP should find ways to appeal and recruit more prominent and decent Malays into their folds to reflect a multiracial character. I am sure there are many decent Malays out there willing to collaborate and help usher Malaysia back from its path of destruction brought on by the BN government. You simply need to identify and ask. If DAP can come under the patronage of the Rulers and have within its fold a group of very well respected and dignified Malays who have the country at heart, the battle is but won.
#36 by dawsheng on Thursday, 23 August 2007 - 1:27 am
For the sake of NEP, what is RM4.6b? The BN govt think we can afford it, they think but not sure but surely they are sure about pludering as much as they could because this creates the economy, so they say. Why not sell it for RM1 to a foreign company? I bet they can turn the whole project around and make some money for the govt. There is no need to bail out PKFZ.
#37 by TruthEnquirer on Thursday, 23 August 2007 - 7:17 am
The bailout, if pushed through, could become the biggest in Malaysia’s history, said Shahrir, chairperson of government’s powerful Public Accounts Committee. I suppose for a nation with a history of bailouts this RM4.6 billion for Port Klang Free Zone (PKFZ) is the crowning glory setting a new record befitting to commemorate the 50th Merdeka
To charge the culprits ? No way. Only people like Wee Meng Chee deserved being charged because they criticized and insulted UMNO leadership. The difference is PKFZ helped it.
So don’t harp too much on PKFZ bailout (since you people help finance it from your regular tax payments which you have not stopped in spite of the many bailouts of the past and therefore must be deemed to have closed ‘one eye’ to ) or soon the Ministry’s Publications Control and Al-Quran Texts Unit senior officer Che Din Yusof, who had banned mainstream media from publishing reports discussing Najib’s Islamic State statement and lately Wee Meng Chee Negarakuku rap controversy, may extend the ban and gag to discussion on PKFZ as well.
#38 by k1980 on Thursday, 23 August 2007 - 7:59 am
Stop thinking in racial terms and instead see the human factor.
http://www.nst.com.my/Current_News/NST/Wednesday/National/20070822080855/Article/index_html
Former deputy prime minister, Tun Musa Hitam, said it was important to step out of the “shackles of racial interpretation”. “Corruption, for example, is all to do with greed as a human trait which affects all races, not just one or two ethnic groups,” he said yesterday. “The challenge for all Malaysians is to see only the human factor and not the racial element.”
#39 by k1980 on Thursday, 23 August 2007 - 8:48 am
Who to blame for this failure in Cuckooland? Surely not Namewee!
http://www.livemint.com/2007/08/21094416/FDI-in-Malaysia-down-from-55.html
“Malaysia has really fallen behind Singapore, Vietnam and China in attracting foreign direct investment, Part of the reason could be China’s popular free trade zones and Singapore’s relatively low corporate taxes. Officials have embarked on a marketing offensive in Singapore to sell the Iskandar Development Region, but so far it has not attracted major foreign investment. Malaysia, Southeast Asia’s third largest economy, has seen foreign direct investment steadily declining. In 2006 it amounted to an estimated $3.9 billion compared to $5.5 billion in 2001.
#40 by sotong on Thursday, 23 August 2007 - 8:52 am
The people in power, past and present, who is in the position of trust and influence must be held responsible and accountable for the mess destroying the country.
Until this happen, nothing much is going to change in the future……you have irresponsible politicians continue to mislead the people about democracy, kept the people in the dark through control of mainstream media, abuse of power and office and etc..
One cannot totally blame the Oppositions for not effective……they are not dealing with an democratic government and some government politicians/criminals are prepared to resort to aggression, threat and violence to achieve their narrow and damaging political motives…..and their leader/s said nothing.
#41 by fail2think on Thursday, 23 August 2007 - 9:39 am
BN is fund-raising for election. (period)
#42 by twistedmind on Thursday, 23 August 2007 - 11:14 am
Each of us 26,000,000 Malaysians will be paying RM180.77 for this RM4,700,000,000 stupidity. That is if all of us pay income tax.
If it is 12,000,000 tax payers, then its RM391.66 each!
Mr. PM, can we claim this back in our next income tax returns?
#43 by Godfather on Thursday, 23 August 2007 - 11:17 am
Hellooooooo……is anyone home, BN ?
Why the deafening silence ? No squeak from people like RealWorld….no squeak from Chan Kong Choy….no squeak from Azim, no squeak from Selangor UMNO…..no squeak from Badawi….
#44 by hanuman on Thursday, 23 August 2007 - 11:33 am
Under Malaysian Penal Code what is the punishment for committing against Malaysia ? I hope Jeff Ooi can enlighten us on this.
#45 by ShiokGuy on Thursday, 23 August 2007 - 12:34 pm
Why should my family: 2 adults and 2 children contribute to this bailout, let it sinks and die. Don’t take the people money!
5Billion/26million approx = RM200.00, so my family been rob of RM800
Why should my special children (OKU) contribute to your inability? Or why should we contribute to your pocket?
Let it sinks and i don’t care! Just let it sink or bankrupt.
#46 by Jonny on Thursday, 23 August 2007 - 12:56 pm
Jeffrey, I agree with you on this point:
# Jeffrey Says:
August 22nd, 2007 at 22: 57.25
I guess the gov’t’s dilemma is if it pays/bails out, it will be accused of frittering public purse to tune of RM4.6 billion by assuming liability on basis of letters of support issued irregularly/illegally – and if it does not pay/bail out, the foreign investors/bondholders foreign banks (+local as well) will be hit, and in foreign investors’ eyes, the rating of the government and sovereign risk will plummet. If it pays/bails out and prosecute persons responsible, the trail will lead to a network of important people that is also going to bring the credibility of the gov’t down.
=================================
Here is what I think would happen. It is a catch-22 situation no doubt. There would be some creative accounting and shifting of figures.
So, don’t be surprised that last minute, there will come a saviour from a FDI or private initiative (which actually is just money being laundered out legally and injected back into the system).
This could something which may happen. Let’s wait and see …
(The money somehow also, is still people’s money! A lot of smoke-screen maybe involved).
#47 by Godfather on Thursday, 23 August 2007 - 1:26 pm
Jeffrey: Your analysis assumes that people are rational, and will behave rationally. Since when have BN politicians behaved in this manner ? I suspect that there is more than meets the eye with respect to the “letters of comfort” or “letters of support”. It wasn’t that long ago that banks and rating agencies were given verbal assurances that the government stands behind this project or that project. I suspect that the MOF must have done something that resulted in the AAA domestic rating for the RM bonds. And that’s why the government must proceed with the bailout or else some of these extraneous “commitments” would surface in a court of law.
The fact is that the money has gone out of the door – and we know that was done under less-than-legal means. Billions don’t just disappear into thin air. Money must have gone into bank accounts. Auditors must have seen invoices and payment vouchers. Of course the Police and the ACA won’t care two hoots because UMNO is involved.
I speculate that the money has been earmarked for the elections. Of course some of it would have leaked into individuals’ pockets.
#48 by badak on Thursday, 23 August 2007 - 11:48 pm
Saw the news today ,the spin doctors are doing a good job,they said PKA will make alot of profit base on future rental, heres the catch future rental,now with all this shit going around which company with their right mind going to rent the place
Lets get real,so what if they make profit A.C.A SHOULD STILL INVESTICATE, the land deal which jump from RM3 to rm 28 over night,who gave the transport minister the right to issue the goverment bond.Its always the poor malays who are bullied all the fat ass in B.A should be thrown in jail.
#49 by Justicewanted on Monday, 27 August 2007 - 10:14 pm
The second Prime Minister would have been utterly shocked at the mentality of the present batch of Cabinet Ministers in general
————————————————–
That will include his son, the Deputy Prime Minister.