Fight against Corruption
poster by mobBreaking news, Star's sms alert 24/8: All 37 charges against Port Klang assemblyman Datuk Zakaria Deros and 5 co-directors in 2 companies for violating Companies Act dropped today.
Meanwhile, theSun and Straits Times (Singapore) and the bloggers were dead wrong: there is no bail-out for the Klang Port Authority. There is what the government calls Soft Loan. Thanks, Johorean, for the alert.
Malaysian government to bail out port stuck with US$1 billion debt
By VIJAY JOSHI
Associated Press Writer
KUALA LUMPUR, Malaysia (AP) -- Malaysia will give a soft loan to rescue the country's main port authority from a debt of US$1 billion (€750 million) in a free port project, the government said Thursday.
The loan to the Port Klang Authority - tantamount to a bailout - is likely to raise questions about Prime Minister Abdullah Ahmad Badawi's pledges to boost transparency and battle financial mismanagement in mega-projects.
The scandal centers around the Port Klang Free Zone, or PKFZ, a much-hyped shipping area that opened in western Malaysia last year. It's original cost of 1.845 billion ringgit (US$527 million; euro405 million) ballooned to 4.2 billion ringgit (US$1.2 billion; euro923 million) by the time the project was completed in four years.
However, the total amount committed to the project by its 30 investors is only 725 million ringgit (US$207 million; euro160 million).
"Because the cost of PKFC is so high, the government has agreed to give a soft loan to (Port Klang Authority). The details are being worked out," a statement by the Transport Ministry said. It did not elaborate.
poster by mob
The Star quoted the General Manager (business development) that "In 2010, PKFZ is expecting a total revenue of RM40mil and it would be self-sustaining company by then".
ReplyDeleteI am no businessman but 40mil revenue by 2010 for a 4.6bil investment? Isn't that lousy business? Obviously there was no consideration taken for repayment of the "soft loan" otherwise how can it be self-sustaining?
WSP
forget about the semantics. if the PM is true to his words, get to the botto of this scandal. without a shadow of doubt, there's widespread corruption in this despicable scandal.
ReplyDeleteback to Zakaria, this speaks so much of law and order or selective enforcement. CTOS directors, my feel for you when the sword of damocles fall upon you all. You aint gonna escape coz you are no Zakaria or inner circle of cronies.
Against the background of another Zakaria let off, I am convinced that the PKA scandal will emain uninvestigated. Would you be surprised that another directive be issued to stop all press releases relating to this PKA scandal and only the PM and DPM can utter their god-given rights to comment.
God save M'sia.
Think we are idiots?
ReplyDeleteWhat is the difference between soft Loan and Bailout?
No difference, one is to recognised the losses now and the 'soft loan' losses will be recognised latter.
Who do they want to bluff?
It is not clear whether the RM40 million is the nett revenue or otherwise.
ReplyDeleteBased on an interest rate of 3% (smae rate as the Chinese loan for Penang Bridge), the annual interest payable would amount to RM138 million a year (for a loan of RM4.6 Billion).
Zakaria? Expected!
ReplyDeletePKFZ, 'masuk poket aje'!
the right way to celebrate 50 years of independence.
No charges against Zakaria Deros
ReplyDeleteAnd his co-directors
How convenient in the end for AAB?
Talking about accountability and transparency
Nothing much to shout about
Only taking the voters for a long ride
To graze in his farm in the Land of Oz
I don’t know how it could be done
The company laws are explicit
So how can charges are dropped when it is charged?
All 37 charges on Zakaria Deros
This must be a work of Merlin
Sparkling colorful lights in the sky
Let the people see understand not
What the government wants to do
Slowly eroding the governing system
The people have been taken for long rides
In his farm in the Land of Oz
I met this guy a long time ago
When he was with Anwar Ibrahim
In his pockets full of money
He showed me then when we met
Since we were from the Royal town of Klang
Money greases the roads
Nobody should run from it
It is either you got it legal
Or you got it in the black market
In politics so many unexplained
Why suddenly politicians are rich
Within a short span in the new arena
When they bet on the master horse
The ringing toll never ceases to amaze
The followers with downcast eyes
Taking with them the projects
Exchanging for millions in the end
So now the charges are dropped
Not a single charge sticks on him
There must be an explanation
In this ‘Bolih land’ I guess not
It is washed away with the tides
Kissing the shore feeling no regret
good grief. The Star tries to justify this Klang Free Zone. You only continue to wonder if the paper cares about its credibility.
ReplyDeleteJust imagine. RM40.0 million in revenue against the capital cost of RM4.6 billion which gives a meagre return of less than 1% ( even if I assume that the revenue is net off all expenses but before interest cost). Perpetually, PKA will be saddled with the so-called soft loan coz the damn project will never generate suficient returns to even pay for the interest. For the matter, no project will be feasible after such rip-off! Might as well called it a bail-out.
And for the sake of retaining the little credibility thats left (generated from some decent columnists such as Marina Mahatir and Tun Hanif), please refrain from such attempts to defend something that is so indefensible. The stench from the PKA scandal permeates the whole country now. You heard me, The Star, or you will lose another reader/buyer like me.
Is the Government throwing good money after bad money, which is going to end up in some people's pocket. So, no more explanations needed about the ballooning of the cost? Transport Minister no need to investigate further lah!
ReplyDeleteEnd of fiasco? Everything under the carpet as always.
Bro,
ReplyDeleteGod Bless Malaysia...Thank you my honest and holy Prime Minister and your entire cabinet !Thank you for the true meaning of transparency, honesty, generousity and defination of Islam Hadari....Its hard to comprehend and come to terms with such a "magnamous gesture" by a government to the aid of a struggling and ripped-off project only in this country !Thank you once again my PM, sweet dreams and sleep well !Long live UMNO !
Merdeka ! Merdeka !Merdeka !Merdeka, Merdeka ! Merdeka ! Merdeka !..........sheeeeeeesh !
The answer sounds fair but is it really?
ReplyDeleteHmm...will they (Govt, PKA, Kuala Dimensi) now sue The Sun, Spore Straits Times and Spore Business Times for false reporting?
ReplyDeleteOr will reporters like Citizen Nades, Terence Fernandez, S Jayasankaran and Leslie Lopez be called up by the authorities and given a stern warning?
Incidentally, where were the investigative journalists from the New Straits Times and The Star when this story was breaking?
I am now waiting for Jafza to come out with a point-by-point rebuttal. Or will there be pressure on the Dubai govt to hush things up?
Malaysia my Malaysia.
ReplyDeleteWe cry for you.50 years ago, i was with my late Father on the eve of 31.8.57.
By the lights of a kerosene pressure lamp, i sat beside him. We were in Singapore then because he was serving in the British army.
I remember how excited he was as midnight approached us. But at age 10, I had no idea how significant that moment was.
WE were listening to the radio---short-wave frequency i think.
I remember the radio announcer saying that the Union Jack will be lowered and the new Malayan flag raised.
I remember my late father sobbing away and telling me to remember this moment. I still didnt understand then..Inspite of the dim lights, I could see (and still do) how proud he was inspite of sobbing away.
Abah, if only you'e still alive---I know you will cry again ---for a different reason.
The Star has totally completely lost its credibility. It is the worst English-language newspaper in the country today.
ReplyDeleteMalaysia is really going to the dogs. How can they Zakaria get away from something so freaking obvious. I used to live abroad... i think i should go away again.
ReplyDeletethey are all a bunch of tharmarder, wangpohtann and harmkahchan.
ReplyDeletelesson's over on new vocab.
Wonder,if Zakaria was railway gatekeeper or heaven's gatekeeper for all the privileges he is getting.
ReplyDeleteWonder if Zakaria was former railway's gatekeeper or heaven's gatekeeper for all the privileges he is getting.
ReplyDeleteIn a few months everything will be forgotten, and we wait for another fiasco...
ReplyDeleteMiddle Eastern businessmen are very happy: apparently the govt placed large orders of carpets - too many things to be swept under them!
Kita kan banyak uwang, kutip tax saja sudah berapa billion, duit minyak lagi billion billion, apa susah?
ReplyDeleteRakyat yang makan gaji kena tax, peniaga pun kena tax. Kaya lah kerajaan, boleh lah buat kerja itu macam
Buat lagi, DAN LAGI DAN LAGI DAN LAGI DAN LAGI!!! WTF!!
The other day one political party request for fair award of projects. There should be more tenders and less direct awards. Then there will be fair play.
ReplyDeleteA friend mentioned about how abundance of direct awards or direct nego will lead to corruption and manipulation.
In golf, straight putting wont usually roll the ball into the cup. Sometimes the putting line curls... (or crooked?)
... kalau tak jadi? ... just bagi tender loving soft lagi lah ... laaaaagi tak jadi! ... taaaak apaaaaa .. kita boleh lagi bagi kuat-kuat punya soft hingga jadi kuat-kuat hard ... tongkat ali punya kau-kau soft kita bagi baru syok-syok boleh mari ... heh, heh ... :D
ReplyDeleteAbraham Lincoln on AAB:
ReplyDeleteHe can compress the most words into the smallest idea of any man I know.
Jane Austen on AAB:
You have delighted us long enough.
Frank Zappa on Malaysia:
Malaysia is a nation of laws: badly written and randomly enforced.
If BN win big time come this GE, I'm packing my things and leaving for overseas......
ReplyDeleteWhen the case against Zakaria commenced, Opposition asked K Toyo to take action to drop him from state position but he said to wait as it is too early to tell and he might not be guilty. Now it seems K Toyo would have already know the outcome even before the case progresses.
ReplyDeleteMake us looked like we are the ill-informed or ill-connected?
CKC took a swipe at JAFZA by implying that they (JAFZA) were responsible in 'boosting up' the costs of building PKFZ.
ReplyDeleteHow could this be when it is clearly reported that Kuala Dimensi bought the land at RM3/sqft and resold it to PKA at RM25/sqft despite the fact that there was a possibility under the Land Act to purchase at RM10/sqft.
Simply put, the land acquisition costs alone is enough to 'kill' this project because the ROI timeframe will deter any foreign investors.
And we have yet to hear more from the PAC apart from calling for a probe into this fiasco. How much 'probing' did the PAC itself do to come up with this 'enlightening' verdict?
Meanwhile, if it takes a 'soft loan' from the government to allow PKFZ to continue operating, then the concept of 'doing business' is totally lost on these bunch of corporate wannabes.
As for ZMD, didn't AAB say that this guy is a good wakil rakyat. Looks like an endorsement from the PM is another method of 'closing one eye'. Might as well throw away the laws and the courts too.
YEEEEEEEAH! IM A RICH MAN!!
ReplyDeleteI made a bet that Dato Zak will get away with it... Pandamaran istana with tower/penis-extension and all!
Its payday for me!
As expected, Zakaria is free from any charges.
ReplyDeleteThis is Bolehland, the AG and ACA will let go anyone that is related with UMNOputra.
As long as the political masters says so they will do it.
Look at the PKFZ, with all the evidences the government can still twist and turn the story.
Some nuts ministers will come out with some stupid statements like 'we have not enough evidence to build up a case' or ' if you have evidences please report to us'.
Thanks to TDM's choice of PM, now his VISION 2020 will be become DISASTER 2020 at the rate things are going????????
This is indeed 'Breaking' news, breaking of rakyat's confidence(or what's left of it) towards Bedol Napoleon's Tidur Garmen.
ReplyDeleteAnd oh, fresh poster on Mr. Zakar-Ria(Mr. Balls-Happy, indeed he does get to keep both of his!)
http://mob1900.blogspot.com
Wow! I am impressed Mr. Fixit is really living up to his reputation. Like that also can.
ReplyDeleteYou are all so busy going after KJ that f****rs like Khir Toyo get away with all sorts of shit! What the hell?! Just look at the scandals in Selangor: Zakaria, Ampang Jaya, Bukit Cahaya, MBPJ and PKA all involve his boys! Mana keadilan untuk rakyat Negeri Selangor?! What's the bet he'll be promoted too in coming GE and UMNO Assembly!
ReplyDeleteCitizen Nades must be frus.
ReplyDeleteSdr Rocky's Bru,
ReplyDeleteKes mahkamah boleh direkabentuk sebegitu rupa untuk mengukuh atau melemahkannya jika pihak-pihak yang terbabit mempunyai motif yang tersembunyi di mana keadilan atau justice bukan keutamaan.
Kualiti pendakwaan yang lemah bukanlah sesuatu yang asing. Lihat saja betapa banyak kes, pembuktian dan pengakuan ditolak oleh hakim kerana dibuat tanpa mematuhi undang-undang.
I sometimes wonder if these technical glitches were deliberate.
Lagipun dalam kes ini, tertuduh adalah seorang operator politik Umno yang diakui kehebatannya; seorang veteran politik balik tabir yang licik.
Politik Selangor khasnya penuh dengan "kingpin" yang boleh menjatuhkan Menteri Besar, Menteri dan parti.
Jadi perlukah kita terperanjat?
Terima kasih.
Here comes another Cover Your Ass (CYA) spin. New word in town called "soft laon"; old word was BIG TIME CAPITAL BAIL-OUT!
ReplyDeleteAnother good reason to go underground?
Once again our justice system has shown it is ready to step up to the plate by protecting the people with connetions. Zakaria must be very pleased. Our head judge wants to do aay with english common law. He prohably wants to replace it with malaysian common law, which means justice for the elite. Bravo, Merdeka.
ReplyDeleteKatakanlah benar bahawa Selangor satu-satunya negeri yang Khairy Jamaluddin dan kuncu-kuncunya masih tidak dapat tembusi. Bagi saudara sekelian yang begitu hangat bencikan Pemuda itu, mungkin perkara ini sangat dialu-alukan. Tetapi ... dengan rendah diri saya bertanya: Demi perkara di atas, adakah saudara sekelian akan duduk senyap, atau lebih tragis, memberi sokongan kepada Kerajaan and UMNO Negeri Selangor, walaupun tahu akan kegiatan jahil mereka? Pada pendapat saya ... Kumpulan Gangster Khir Toyo yang bertopengkan politik negeri MESTI DIGULINGKAN DARI KUASA!
ReplyDeleteMsiaman, Thought you know that Zak is KJ's man, not Khir Toyo's. Zak is also related to the very elastic and versatile Zahid Hamidi by marriage. By extension, this mansion owner is the political opponent of the current MB.
ReplyDeleteGood one, LAT-NST, you made my day! But, don't do it again. You never know somebody maybe intelligent enough to misinterpret it!
ReplyDeleteHahahahahahahahaha.......
What hope is there for us? Are we the only people complaining (or singing karaoke)?
ReplyDeleteThe Ijok people certainly aren't.
People,
ReplyDeleteWe need a lot of Towering Malays in this country. ZAK,KJ to name a few! Don't hammer the nails that stick out! We hammer ourselves.
UMNOK
Hi Rocky,
ReplyDeleteI just drop by June-E's blog and was wondering what is yours and Jeff take of changing our country English Common Law to Syariah law? Luv to hear yours and Jeff take on this. Is this piece of news true and what is the pro and cons to the rest of the race living in Malaysia under such law? Will there be discrimination towards other races who does not favour such law?
Tks in advance ... :)
** Note: Don't have to post my comment on this one because I just trying contact you guys to ask yours and Jeff opinion or blog on this matter. Need some extra views and knowledge on this matter.
Sultan of Selangor should intervene... can he?
ReplyDeleteAnugerah Ketua Goblok Malaysia
ReplyDeleteZainuddin Maidin hari ini dianugerahkan gelaran Ketua Goblok Malaysia atau KGM.
read it in:
Goblog Station
http://goblogmania.blogspot.com
Another Malaysia Boleh.
ReplyDeleteI'm glad I migrated when I did. Looks like all of you are f***ed!I'm sorry because I still have a lot of residual affection for Malaysians even if I am not one now.
ReplyDeletePM kata dia tak campur tangan pasal kes Zakaria. Bagus. Tapi tegurlah si Zakaria ini. Dia biadap mengadap sultan Selangor pakai cermin mata hitam macam mafia Sicily. Sultan perintah dia mengadap dia kata dia demam. Kalau raayat yang baik jika nak mati sekali pun dia akan menyembah Sultan.
ReplyDeleteNak jadi wakil raayat mestilah ada pelajaran,akhlak baik,budi bahasa,jujur, berkerja keras, berseh cekap dan amanah. Nak masuk parlimen mesti tahu befikir bercakap dan menyumbang buah fikiran yang bernas.
PM nak tunggu apa lagi siasat dia habis2san, pakailah apa2 agensi yang patut.Kita jamin habis beliau tidak pernah mempunyai latar belakang yang baik. Itu pasal masyarakat pandang UMNO Kelang macam sarang samseng. Kalau macam ini Malaysia akan musnah dan punah
Inilah dia penyakitnya bila bapak kencing berdiri Zakaria kencing berlari. Kalau kita fikir Zakaria benar2 material yang baik jadikanlah dia menteri Besar Selangor yang akan datang ataupun create a second deputy PM's post for him to lead this nation into bigger dissaster and unimaginable nightmare.