PKA claims that PKFZ has been in operation for the last few years and it is obligated to repay its bondholders.
The ministry said the government had taken all relevant factors including the government's commitment to bondholders and PKA's obligations under the agreements signed.
PKA had also given an undertaking to make payment to the special purpose vehicles, said the ministry.
It was learnt that the PKA had reservations over making the payment in view of its on-going RM1.4 billion suit against KDSB.
A source from the port authority said they are considering withholding the payment as the board would be held liable for monies that cannot be recovered from KDSB in the event that the PKA wins the suit.
Nearly RM3 billion is also owed to three other SPVs – Transshipment Megahub Bhd, Valid Ventures Bhd and Special Port Vehicle Bhd.
A sum of RM1.3 billion is scheduled to be paid to Valid Ventures next year, while a RM1.4 billion payout is due to Transshipment Megahub in 2012 and RM150 million is owed to Special Port Vehicle Bhd.
PKFZ will continue to churn out more bad news, more financial commitments and more losses in the following months and years. What has PKFZ achieved in real economic terms?
Who is accountable for this silly project which was started with a bad intention in the first place?
PKFZ is a mirror of the current economic structure. It was a wrong strategy and a bad call. How many developed economies are still doing what we have done? Building industrial parks or logistics hub and hoping for them to be filled up is a wrong move. We should have focused on promoting and catalysing real industrial development and not seeking rentals.
In the PKFZ case, one size does not fit all. Most companies prefer to build facilities based on their own business needs and not taking up some ready made facilities.
Is the government going to be accountable to ensure that this project can become viable in the near future and not continue to drain public funds?
The government needs to do some serious thinking here. It has to be decisive enough to decide what to do with the PKFZ. Money wasted on this project can be used to create jobs elsewhere.
I heard that some real culprits are still left to enjoy their spoils. Why the inaction?
8 comments:
Wonder why a bunch of amno old playboys (the grope ambassador,that bocor MP who married a sexy wife,other usual suspects)were always hanging around in KDSB office before the scandal explosion?And do you know that how many many families are now bankrupt bcos they bought houses or shops at west port which is now a ghost town just bcos the former former transport minister said west port would replace old port klang but never happened?So many innocent poor rakyat are conned and doomed, the rich well-connected powerful playboys are flying everywhere enjoying these ill-gotten gains.In every mega project especially white elephants,the rakyat must be prostituted endlessly.Syabas kepada semua taukeh2 melayu dan cina yg bersuhabat memperbodohkan rakyat.
Khoo,
PKFZ was initated by the then PM TDM,which he hope, together with the Johore ports,will strangle the Red Dot! Obviously,all these backfired as TDM more often than not acts on emotions and not facts.In reality,it is very difficult to revamp PKFZ into profitability because of its size.There is not enough volume of trade in Malaysia for all the Ports! Its worst now with the decline of FDIs.Another emotional catastrophy that TDM made is taking back the water treatment plant in Johore.The state is BLEEDING everyday!!!!! As the saying goes "Press the Balls"
The real culprits are ones who uses their political power and influence to get this project through without far-sightedness and with self interest only.They know they will not be penalised if the project failed bcos everything is done above board.But then who are members of the board? Political appointees or associates or cronies ,I guess.It is very very unfair for the govt to take the financial burden(indirectly the people)bcos of this improper doings by the interested parties.If this scandal is not properly managed,then the only solution for the people is to change this govt as the saying goes-'no venture,no gain'.
If they,the BN govt, do not want to take actions against those culprits,then the people will know what to do in the next GE.It already happened in Philippines,in Indonesia,in Taiwan,in Japan.And next will be Malaysia!
Given that the authorities have decided that the interests of the bondholders have to be looked after, would some kind soul reveal the identities of the bondholders involved.
Muhyiddin & even former PM Abdullah comment about the sand-mining fiasco in S'gor: "It's a simple problem. Just expose all the wrongdoers and punish them."
But they can't apply their same logic and thinking when it comes to PKFZ and a hundred other issues.
JUST PONDER OVER BLUNDERS?
With all the swelling blunders
And all those out to plunder
Do the victims need to still wonder
What else is there left to ponder?
(C) Samuel Goh Kim Eng - 300710
http://MotivationInMotion.blogspot.com
Fri. 30th July 2010.
The Board of Director should resign en-bloc. Jail time is not in the job description.
Unless the newly minted Minister of Transport give you a Letter of Indemnity on the payout.
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