PKFZ--MY biggest bailout/white elephant
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PKFZ=Port Klang Free Zone,biggest bailout and white elephant?
I would rather RM 4.6billion pay to few good men to run
country!!
If u draw the relationships of key persons of the project in a sheet
of paper,u sure can smell somethings wrong.Anyone can help to draw?
http://www.kualalumpurishome.com/24.08.2007
2007/08/24
Govt throws lifeline to Port Klang Free Zone,By : Eileen NgPORT KLANG: After weeks of speculation, the government broke its silence yesterday with a firm undertaking to support the controversial Port Klang Free Zone (PKFZ) in Pulau Indah.
--www.nst.com.my
The Transport Ministry said in a statement that the total outlay for the Port Klang Authority (PKA) project was estimated at RM4.632 billion, after interest, professional and variation charges were added to the RM1.088 billion in the purchase price of the 405ha site and development costs of RM1.845 billion.
"Because of the high overall cost of the PKFZ, the government has approved a soft loan to the PKA. Details of the borrowing are being finalised," the ministry said.
The project has been criticised as too expensive, particularly after its price tag ballooned from a reported RM1.1 billion at the time of its inception in 1999 to a level that has left the PKA deeply in debt.
In a breakdown of the free trade zoneÂ’s costs, the ministry said the PKA had bought the land from Kuala Dimensi Sdn Bhd at RM25 per sq ft, based on a valuation conducted by the Valuation and Property Services Department.
Kuala Dimensi, an "associate" of Wijaya Baru Global Bhd, had bought the undeveloped property in 1999 from a local co-operative for RM95 million or RM3 per sq ft.
The ministry said the PKAÂ’s purchase price was reached because of work done on the site, including land reclamation, drainage, construction of access roads, installation of street lights, water services and payment to various utility agencies.
"The repayment period to Kuala Dimensi is 15 years at an interest rate of 7.5 per cent and the land cost came up to RM1.807 billion."
It also explained that an initial plan to develop PKFZ in two phases had been merged into one on the advice of the then PKFZ operator, Jebel Ali Free Zone Authority (Jafza).
Jafza exited the management contract signed in October 2003 last month, citing "strategic" reasons.
Upon JafzaÂ’s recommendation, the development costs of PKFZ totalled RM1.845 billion, comprising four blocks of eight-storey leased office buildings, 512 light industrial units, three-storey free zone authority office, three-storey Customs office and checkpoint, 175,000 sq ft exhibition centre, a multi-storey car park, security building and ancillary buildings.
It also included infrastructure work such as landscaping and security fencing, the upgrading of roads leading to the PKFZ, construction of a 135-room business-class hotel, electrical works and construction of a 42km concrete trenching.
"Taking into account the land acquisition and development costs, as well as 7.5 per cent interest rate, 10 per cent professional fee and 20 per cent variation order, the entire development cost of PKFZ is RM4.632 billion."
It maintained that the PKFZ, which opened for business last November, was a viable national project to enhance Port Klang as a loading centre, stimulate the economy, create spin-off activities and provide jobs.The deserted Port Klang Free Zone (PKFZ) in Pulau Indah has racked up a RM4.632 billion bill, including development costs and interest payments.
Port Klang Free Zone or PKFZ in Port Klang
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Originally posted by lionnoisy:
Huh?
PKFZ=Port Klang Free Zone,biggest bailout and white elephant?
I would rather RM 4.6billion pay to few good men to run
country!!
If u draw the relationships of key persons of the project in a sheet
of paper,u sure can smell somethings wrong.Anyone can help to draw?
[b]http://www.kualalumpurishome.com/24.08.2007
2007/08/24
Govt throws lifeline to Port Klang Free Zone,By : Eileen Ng
Port Klang Free Zone or PKFZ in Port Klang[/b]
You rather pay RM4.6 billion (SGD 2.01 billions) to afew politicians???
With money like that, who needs to be corrupt.
P4P needs more sheep like you. -
What we need is no corruption but also no paying of extortionists.
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sell msia to us for 4.6 billion?
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siao ar.
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Mmm.... when they 1st built the PKFZ, it was suppose to take over S'pore as the best port in SE Asia. They even managed to get two big Shipping line over to their side. But now...... Dr M dreams is now, another ''White Elephant''. Much like Proton the car maker. Now I wonder would the Iskandar Project in JB end up the same.....
And how many S'porean Businessman will be suck into it....
Sometimes I wonder why we worry so much about Malaysia setting up project to compete against us..... half of this project seems to fail in a short time... while others are but half succesful. -
Originally posted by hloc:
You got the port wrong
Mmm.... when they 1st built the PKFZ, it was suppose to take over S'pore as the best port in SE Asia. They even managed to get two big Shipping line over to their side. But now...... Dr M dreams is now, another ''White Elephant''. Much like Proton the car maker. Now I wonder would the Iskandar Project in JB end up the same..... [b]And how many S'porean Businessman will be suck into it....
Sometimes I wonder why we worry so much about Malaysia setting up project to compete against us..... half of this project seems to fail in a short time... while others are but half succesful. [/b]
This is Klang we are talking abt... -
Singapore buy Malaysia and the first casualty will be the PAP. They will be kicked out in a GE for making life difficult for everyone with their incessant price increases.Originally posted by Ito_^:siao ar. -
opps... my badOriginally posted by sbst275:You got the port wrong
This is Klang we are talking abt...
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1.Peoples like CSJ,James Gomez will fit your profile.Originally posted by AndrewPKYap:What we need is no corruption but also no paying of extortionists. -
read my opening posting.
How can land price increase almost 2000% in 3 years,from
RM 95 m to RM 1.81 billion?
Panel to look into Free Zone controversy,By : David Yeow ,/www.nst.com.my,25.08.2007KUALA LUMPUR: The Public Accounts Committee (PAC) will find out whether the government loan extended to the Port Klang Authority (PKA) for the RM4.6 billion Port Klang Free Zone (PKFZ) constitutes a "bailout".
PAC chairman Datuk Shahrir Samad said that although public sentiment was convinced the loan was a rescue operation, investigations had to be carried out before such a conclusion could be reached.
"We have to investigate the matter first. Once an investigation has been made, I will meet other PAC members and get to the bottom of this," he said.
According to sources in the PAC, the parliamentary watchdogÂ’s upcoming meeting on the PKFZ controversy will focus on two questions: Whether the soft loan amounted to a government bailout and whether the pullout by the Jebel Ali Free Zone Authority (Jafza) has affected foreign investor confidence in Malaysia.
Jafza withdrew from a contract to manage the PKFZ last month.
The project first raised eyebrows when PKA bought the 405ha in Pulau Indah in 2002 for RM1.088 billion or RM25 per sq ft from Kuala Dimensi Sdn Bhd.
The land purchase was followed by RM1.845 billion in costs for the development of the free trade zone.
On Thursday, the Transport Ministry said the government had agreed to extend a loan of an unspecified amount to the heavily-indebted PKA to help cover the total cost of RM4.6 billion, including interest and other charges, for the PKFZ.
The ministry maintained that the PKFZ was a national project which would enhance Port Klang as a loading centre, stimulate the economy, create spin-off activities and provide jobs.
Datuk Shahrir Samad says an investigation will be carried out -
I was thinking about this statement, you are the kind that totally agrees with the government no matter how silly it is.Originally posted by lionnoisy:I would rather RM 4.6billion pay to few good men to run
country!!
If the government ask for your arse, you will offer your arse and your mouth.
Right? -
Originally posted by lionnoisy:
1.Peoples like CSJ,James Gomez will fit your profile.
Has CSJ and James Gomez been able to extort Singapore - legitimately or otherwise ?
At least they earn their money honestly by lecturing, selling newsletters, and books - besides their professional occupation.
Are you paid by the money extorted from us ?