Thursday, March 18, 2010

What Happened to the PKFZ Sharks?

The Prime Minister must keep his “performance now” promise to take concrete actions against the “big fishes” of the Port Klang Free Zone (PKFZ) scandal and decide on its future

It is now nearly 5 months since the Parliament Public Accounts Committee has tabled its damning report on the RM12.5 billion Port Klang Free Zone (PKFZ) in parliament on 4 Nov 2009 where high profile political personalities, including a former Transport Minister, were implicated of abuse, criminal breach of trust and wrong-doings in the scandal.

The Attorney-General, Tan Sri Abdul Gani Patail had promised Malaysians that more will be charged soon, after 4 persons including a former senior civil servant, Datuk Paduka OC Phang were charged by 17 December last year.

The police had even taken the step to freeze all the assets worth hundreds of millions of Kuala Dimensi Sdn Bhd which is owned by Datuk Seri Tiong King Sing, a Barisan Nasional Sarawak tycoon cum politician since October last year.

The Deputy Prime Minister Tan Sri Muhyiddin Yassin had also assured Malaysians then that the Government “will not hesitate to act against anyone and we will not protect anyone”.

The Cabinet had also set up a “super” taskforce headed by the Government Chief Secretary, Tan Sri Mohd Sidek Hassan to look into various aspects of the scandal, including identifying wrong-doings, instilling good corporate governance as well as reviewing its business and operational viability back in September 2009. However, it appears that despite the multiple committees which has been set up by the Government which culminated in the “super” taskforce, both the actions against wrong-doers and business “turnaround” plan is still not concluded.

We would like to ask the Prime Minister, Datuk Seri Najib Abdul Razak, Tan Sri Abdul Gani Patail and the Transport Minister, Datuk Seri Ong Tee Keat if the resolve to bring to book the main culprits to book has completely waned, and the “big fishes” will quietly be let off the hook?

While the initial actions taken by the government to charge a few individuals were trumpeted as the Government's strong commitment to fight against institutionalized corruption, their failure to date to take any follow up actions have proven that Datuk Seri Najib's administration is all-bark and no-bite. It will serve as a major black mark against the “Government Transformation Programme” campaign where “fighting corruption” is the major pillar.

What is worse, the Government is attempting to cover up the non-viability of PKFZ with misleading positive media reports on its performance. Datuk Seri Ong Tee Keat had proudly announced in January this year that PKFZ “had returned” to the black with RM15 million in revenue and RM5.2 million in operational profits. He has however failed to mention the fact that the interest alone for the 4% soft loan worth RM4.632 billion granted by the Government to bail out the project costs PKFZ RM185 million per annum.

This means that PKFZ is far from turning around and its debt is only increasing by hundreds of millions by the year. In fact, the Government might well do better in its fight to contain its budget deficit by disposing of the project than to continue putting good money after bad investments in this case.


Anonymous said...

Good point about accrued debt. Sooner or later the musical chair is going to stop with the financing.

Has anyone done any projections of when it will end? The way I figured it, even with interest free loan from the govt, the hole is still growing..

The govt has to take the hit on this one and its better now, cheaper, than later when interest rates go up..

Hey Tony, how about you make a pledge that when PR gets into govt that they will confiscate the assets of top UMNO/BN leaders that DID NOT act on PKFZ to pay for its losses? - Its not a perfect idea but its sensational, scares the shit out of the other side.

Anonymous said...

The Chief Secretary under perform and yet his service was extended. What the f*&^ such mediocre or as though no body else can do the job!!!!
Let resolve and topple Najib and the BN/UMNO by hook or by crook. Can't stand them any longer.

Anonymous said...

Well, its official- GST is done. CONGRATS.

THIS IS VERY SIGNIFICANT. Its not just another unpopular measure reversed. Its actually historical. For the first time, the opposition have managed to turn off a major needed source of potential strength from UMNO/BN at a time when it should be possible given rising growth. Under Mahathir when the economy was going well, he has almost always passed unpopular moves. It is actually quite rare.

The end of GST, quite easily achieved if you asked me, is indicative that end of UMNO/BN rule is also not very far away. Najib should have pushed it through even at political cost. He has no stomach for a real fight and that is why UMNO/BN end will begin with him.

He can't move the party forward and given that they are a greedy and hungry machine, sooner or later, they will turn on him like the selfish animals that they are.

PR have to keep putting on the screws. There is still one way out which is high oil prices but there is good chance that is not expected to save them before 2013. PR cannot take that for granted and probe deeper where the money is going or being lost like this PKFZ. Look into money going to Sarawak and Sabah..Encourage people like teachers who are underpaid and promises being broken to agitate.

Its time to step things up even more..

Anonymous said...

Can you believe that now Najib think he is a qualified Hotelier deciding what is the right ROOM RATES for hotels?

How much of an idiot is this guy??

Anonymous said...

Tony, just wait for their excuses. Now "they say" got revenue...

After that let's forget about bring these people to prison yah...!

No way they wanna go to prison. Let that lady be the scapegoat. That should do it...!

wandererAUS said...

SUDAH BUAT "sHARK fIN sOUP" LAH...BY MCA baru, special guest to attend, Mongolian C4....the Remote Controller!

Who dances and who sits, Mr Controller finger is placed on the button...PKFZ is just a BN playground.

Jayenjr said...

From Day One, I have always felt that this PKFZ "investigation" is nothing more than wayang kulit on the part of UMNO/BN. I personally am not going ga-ga over the supposedly "heroic" efforts of Ong Tee Kiat to "tell all". If he wanted to "tell all", why did he vet thru the Pricewaterhouse report before releasing it? Kasi buat censor-ship perhaps? Anyway, apart from filing suits & some police reports against consultants & middle management, nothing else forthcoming from Lee Hwa Beng. WHAT HAS HAPPENED TO THE SUPER TASK FORCE, Najib...???? The PM has got time to read his Facebook personally and organise teh tarik sessions with his fans; but "super" task force - have they been doing any work? Can someone ask in Parliament for a status update? I foresee, that in all of these delay tactics that UMNO/BN is employing, they are gonna eventually do a Perwaja on this.

Anonymous said...

YB ,

We have no choice but to throw them out for good , daily you hear all these nonsense , the lists is endless , the people's power will make it happen during the next GE

Anonymous said...

What happened to the PKFZ sharks? Glad you asked. They swam away, that's the perception of the people and the people too know who let them out.

mohd ali ismail said...

YB Tony Pua, If the Government were to take action against those involved in the scandal, it means MCA is implicated and the Government cannot afford that as they would end up without Chinese alliance.So they will drag their feet until they find a scapegoat they can blame it on.hehehe!MALAYSIA BOLIH!

Anonymous said...

The whole scenario is a well synchronized conspiracy generated to
outwink the common man. Why the lack of progress and transparency and why all the hush hush? Are there more bigger sharks involved so much so the dragnet is unable to contain them or the net is just too flimsy?

Anonymous said...

Ibrhim Perkasa should pick up this real issue to fight for the common people rather than fight unreal issues dreamed/fantasied out like the royalty under siege,army-polis under siege,malay islam threatened by minority.....who has the time and money to do all these imagined threats I wonder.These people shd be sent to tanjung rambutan for observation for hallucination.