Sunday, June 07, 2009

Forum: RM12.5 billion PKFZ Scandal - Will Heads Roll?

The cost has blasted out of proportions. DAP Parliamentary Leader, Lim Kit Siang exclaims that it is an “astronomical rip-off, a can of worms that has turned out to be a pit of crocodiles and alligators.”

In 2007, the Ministry of Finance extended a RM4.6 billion soft loan at 4% interest rate to PKA to salvage the Port Klang Free Zone (PKFZ) project. Now, it appears that they will have to extend an additional RM3.56 billion loan to cover the cashflow deficit over the next 20 years! As projected by PriceWaterhouse Coopers (PwC), this restructured financing will cost an additional RM5 billion in interest costs over the next 42 years!

The question now is, will heads roll over Malaysia's record bailout scandal, especially with existing Barisan Nasional leaders implicated by the project? Should the government continue to support the project with up to RM8.56 billion in tax payers' monies or should it cut losses and make better use of the funds for the rakyat in other more productive means?

A public forum is being organised on the issue as follows:

Venue : KL Selangor Chinese Assembly Hall, Jalan Maharajalela, KL (MAP)
Date : 10 June 2009
Time : 8.00 pm

Panelist :

  • Tan Sri Dr Ramon Navaratnam - Transparency International Malaysia President, prominent Malaysian economist, former Transport Ministry Secretary-General
  • Captain Yusof Ahmad - former pilot superintendent of the Klang Port Authority and pioneer general manager of West Port
  • Teh Chi Chang - Economic Advisor to DAP Secretary-General Lim Guan Eng
  • Tony Pua - DAP Publicity Secretary, MP for PJ Utara
  • Lim Kit Siang - DAP Parliamentary Leader, MP for Ipoh Timur
All are welcome! Please invite friends.
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