Tuesday, December 15, 2009

PKFZ: "Why Must I Pay?"

Amidst all the hoo-ha over various people being charged on falsifying hundreds of million ringgit claims with regards to the Port Klang Free Zone project, I've asked the Government to stop payment to the developer, Kuala Dimensi (KDSB) and its bondholders until it has been proven that KDSB has carried out the work.

It was hence quite amusing to read the response of KDSB CEO, Datuk Seri Tiong King Sing in the Malay Mail today ;-)
Tuesday, December 15th, 2009 10:57:00

KUALA LUMPUR: Mired in controversy, Kuala Dimensi Sdn Bhd (KDSB) CEO Datuk Seri Tiong King Sing has bluntly refused to settle outstanding loans to bondholers in the Port Klang Free Zone (PKFZ).

"Why should I settle outstanding loans? We have completed what was required of us and handed over the project to the port authorities.

It is not my fault if they didn’t move on,” he told The Malay Mail at the Parliament lobby yesterday.

“We are contractors and if there was a delay in handing over the project, they should have terminated our contract or sent us warnings for the delay.”

PJ Utara Member of Parliament Tony Pua was the latest to question why the government had given a guarantee to settle KDSB’s debt obligations when there was a possibility that KDSB might be proven to have failed in performing a satisfactory job on PKFZ and therefore, should not be paid in full.


On claims that the government should not pay KDSB or its bondholders while waiting for the RM1.4 billion dispute to be settled in court, Tiong, who is the MP for Bintulu, said:

“That’s good, but who is going to pay the interest? Delay means interest and KDSB cannot be made to pay.”

On August 26, 2009, the Port Klang Authority (PKA) had sued KDSB for wrongful or excess claims amounting to RM1.4 billion.


The Opposition had argued that if the court decides Kuala Dimensi had made wrongful or excessive claims, then the outstanding loans due to the bondholders must be settled by the owners, since they borrowed the money, not the Malaysian government.
For the full text of the article, check it out here.


Anonymous said...

An Ah Beng towkay is just an Ah Beng in the end...

Anonymous said...

All parties involved should get into the act and solve any problem speedily. A day delay means a day of interest incurred.

If there is any discrepancy, the MACC, the Police, the Judge, the Government should act AT ONCE! This issue has been dragging on for too long.

If there is nothing to hide, there is nothing to hide!
Remember, it is the TAXPAYERS' money that is involved. For too long, in the past, several mega projects have gone bust or delayed unduely.

The Government, as the CUSTODIAN of citizens' funds, should act speedily! Sad to say, it is the same old story of denials, delays, depeltion of the coffers.

STOP IT! Damn it! If you cannot do the job, ship out; and let somewbody else do it! It is a grievous SIN to sit tight and not move FAST. As I said, even ONE day delay incurs ONE day interest. It is the TAXPAYERS' money, not your money .

The good money saved could help build schools, libraries, water-pipes in remote areas in Peninsular Malaysia, Sabah, Sarawak. The poor and disadvantaged groups are CRYING for help, but what is really happening? Sleeping cosily in air-conditioend rooms? Get off the butt and PERFORM NOW ( note 1 Malaysia slogan), put PEOPLE's interests FIRST, not last or as an afterthought.

MOVE, MOVE, MOVE; or move OUT!

S.H. Huang