Archive for July 29th, 2010
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.
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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.
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Malaysia in the Era of Globalization #25
Posted by Kit in Bakri Musa, globalisation on Thursday, 29 July 2010
By M. Bakri Musa
Chapter 4: Modern Model States
The Celtic Tiger
Ireland is synonymous with emigration. Throughout the 19th and 20th Centuries Ireland’s biggest “export” was its people; they were desperate to escape the wretched conditions of their homeland. Only recently was this trend reversed, with Irish émigrés returning to work in the republic’s burgeoning hi-tech and other industries.
In absolute numbers, the Irish immigrants were not large; there were far more Chinese and Indians who emigrated. But as a percentage of their home population, the number of Irish who left was truly staggering. During the Great Famine of 1845-48, out of a population of eight million, two million left: one in four! Imagine what would have happened had a quarter of China’s population left!
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