PKA chairman Lee Hwa Beng's revelation is quite startling:
He said, "The Port Klang Authority cannot repay turnkey developer Kuala Dimensi Sdn Bhd (KDSB) for the financially-scarred Port Klang Free Zone – even if the PKFZ had 100% occupancy today."
Lee said for it to happen, a restructuring of the PKFZ was needed.
He said the PKA was also waiting for a development plan from a special Cabinet task force headed by Chief Secretary to the Government Sidek Hassan.
"There has been no news from them, and I’m not a member of the committee,” he added.
PKFZ ran into financial controversy when its development cost multiplied several times from an initial cost of RM2bil. Total cost could reach RM12.5 billion in the next few years.
Finance Minister & PM Najib should immediate respond the issue of PKFZ's financial position and to address if the project is still viable.
The task force was formed during the tenure of ex-minister Ong Tee Keat and it has not been able to deliver its report until now. The government cannot choose to ignore the seriousness of the financial problem faced by PKFZ. Ongoing legal cases could take years to conclude and more taxpayers' money will be wasted to finance the project.
It is time for the government to tell the truth and be accountable for the financial losses. Stakeholders/voters must insist on transparency and accountability for the losses or we should choose to punish those who are behind the fiasco.