Posted on by Kit

Kong Choy should own up – how many of the 4 unlawful “letters of support” for RM4.6 billion PKFZ bonds were signed by him

Transport Minister, Datuk Seri Chan Kong Choy chickened out of the special press conference yesterday on the RM4.6 billion Port Klang Free Zone (PKFZ) scandal, which was only attended by his press secretary.

Is this because Chan is aware that he would have to face many difficult and embarrassing questions about the RM4.6 billion PKFZ scandal which he would not be able to answer satisfactorily and he decided that the better of valour was to avoid the media altogether on the issue?

Chan must own up – how many of the four “Letters of Support” for Kuala Dimensi Sdn. Bhd.’s RM4.6 billion bonds for PKFZ project was signed by him as Transport Minister and why he should not be censured in Parliament for the RM4.6 billion PKFZ scandal in giving such unlawful government guarantees without authority from the Finance Ministry resulting in the AAA rating from the Malaysian Rating Corporation Bhd — and now given as the main reason why the government has to undertake the bailout of the RM4.6 billion PKFZ.

Kuala Dimensi is not only the company which sold the 1,000 acres of land for the PKFZ to Port Klang Authority (PKA) at RM25 per sq ft or some 20 times the cost of its acquisition of the land four years earlier in 1999 at RM3 per sq ft but also the turnkey contractor for RM1.85 billion development of the PKFZ.

The press conference by the PKFZ business development general manager Chia Kon Leong had failed to answer the many pertinent questions concerning accountability, transparency and integrity of the RM4.6 billion PKFZ as well as its feasibility and viability.

Chia said that PKFZ aims to be self-sustaining in 2012 when it is targeted to have an 80 per cent occupancy rate, equivalent to housing between 650 to 700 companies, when it would generate RM80 million annually.

The PKFZ project was sold by Kuala Dimensi to the government on the understanding and undertaking that it would be feasible, self-financing and would not need a single ringgit of public funding from the very beginning.

At the rate of generating RM80 million revenue annually from 2012, it would take PKFZ 57.5 years to recover the RM4.6 billion investments or to be more correct “mis-investments” — i.e. till 2070!

Parliament must be given all the details about the government bailout of the PKFZ by way of a RM4.6 billion soft loan to the PKA. It is said that details of the bailout are being finalized.

I call on all MPs, including Barisan Nasional MPs, to take a common stand to support the parliamentary principle that there should not be any government bailout of the RM4.6 billion PKFZ scandal unless and until there is full parliamentary accountability and prior parliamentary sanction.

The PKFZ scandal is not only an acid test of the National Integrity Plan launched by the Prime Minister, Datuk Seri Abdullah Ahmad Badawi three years ago but whether Parliament is able to have a mind of its own or just a mere rubber-stamp of the Executive to blindly and unthinkingly approve whatever is decided by the Cabinet, heedless of the principles of accountability, transparency and integrity. Next week will decide whether all the talk about a “First-World Parliament” in the past three years should be buried for good.

28 Replies to “Kong Choy should own up – how many of the 4 unlawful “letters of support” for RM4.6 billion PKFZ bonds were signed by him”

  1. Under BAFIA, such transactions would been considered criminal in nature and BNM would have thrown the whole Act at him. Banks advanced billions of ringgit of the public’s money based on the letters of support.

    The PAC should consider seriously these unlawful acts by the persons who signed the letters, who exceeded their authority and more likely with no authority at all.

    Accountability time. Was good corporate governance principles followed? Was there integrity?

  2. He will walk free from any of these. His title “Datuk Seri” means that the PM will shield him from any act of unlawful doings.
    Moreover, the list that benefitted from this project are more secretive than one CKC. Remember EC case. This one just a little bigger amount than EC as more funds and stake holders are involved.
    No case and waste fo time.

  5. Statements such as:

    “….self-sustaining in 2012 …”. “……targeted to have an 80 per cent occupancy rate….” , “…..generate RM80 million annually.”

    are all typical cliche statements made without basis and especially when you do not have a clue of how all these targets are to be achieved. Just ask any banker if they will lend even one cent based on such “assurances” without Govt security.

    The briefing would have been more believable if the GM can provide solid evidence of a concrete business plan of how these targets, however weak, are to be achieved. Otherwise they are no better than a bunch of lame promises given in the hope of deflecting the avalanche of mounting criticisms directed at the Govt.

    Even worse, if you read between the lines, the perpetrators of this scam is clearly preparing to use these lame promises to justify the bailout money to be injected in the near future.

    YB, give these crooks the full broadsides. The people are sick and tired of all these scams and scandals that have repeatedly robbed the public of billions of scarce funds that could have been better used to build more schools, more university places for deserving children, feed the thousands of poor children going to school hungry each morning with a decent breakfast and maybe saved some lives like the family in Johor who had to die in a fire caused by candles just because they cannot afford to pay their electricity bills. Or give those ex soldiers or policemen a decent home and pension instead of forcing them to live in slums and have no proper meals because of poverty.

  6. Whenever I learn about public funds being squandered, abused or walloped in one way or another, I can’t help thinking about the some part of this country which is practically left out in development. Some of these areas have not seen any change which is supposed to be brought about by “Meredeka”. I think about Sarawak and Baram in particular.

    Sarawak is a very large state. It is bigger than the whole of Peninsular Malaysia. Beside that it is rich in term of natural resources and fertile land. Malaysia has benefit a lot from Sarawak and Sarawak benefited a lot from Baram. But Baram has been left out. The infrastructure is among the worst in the country or even none existence. If only these money were used to developed Baram it would be like feeding the goose with the golden eggs.

    The people of the lower Baram, the Kenyah and the Kayan are the most neglected people in this country. More is done for the Penan (the nomad) than for the Kenyah in particular. They are a Government forgotten people. If only this money was used to educate the Kenyah, to build roads, processed piped water system, telecommunication system, bridges, technical colleges in Baram, that money would be much much more than enough.

    Even a small start would be great. Please improve the Beluru / Tinjar Road or the Lapok road. The Kenyah would be grateful. At the moment it is worst than a timber tract road, muddy and dangerously slippery when it rains, dusty and impossible when it is dry. It is full of potholes and dangerously steep at certain places. When is the government going to improve the 25 years dirt road? It is just about 25 km but it is terrible to ride on. A lot of people have sacrificed their lives on that road. Why is the government not listening? We are tired of the talks about the government not neglecting any racial group. But we feel that they are neglecting us.

  8. It is really very unbecoming and irresponsible of the Government to do all these all in the name of development, when it is clearly tainted with corruption . All these keeps on happening again and again and the bailout becomes bigger and bigger. Where are we heading for and what is the future of our children? when billions of ringgit are be ripped off and the people’s money had to be used for bailout. The irony is when coming to educacation they cannot even give a small education loan of less than RM30,000 ringgit.
    They had aptly created the slogan “Malaysia Boleh” and they think the people are bodoh because though they are clearly in the business of cheating but keep on fooling the majority by saying they are not and the Kampung folks keep on voting for them.

  9. If he has any pride and dignity left, he should just resign and apologise to the ordinary people for his neglect and incompetent.

    This wasted billions could be used to take care of marginalised Malay, Chinese, Indian, Kadazan, Penan, Orang Asli and etc……and our grossly shameless and irresponsible politicians including senior Ministers and previous PM are complaining of their race being marginalised.

    This government has no basic honesty, integrity and credibility…..more of the same will destroy the country and her ordinary people!

  10. 2012 all retired liao lo and get tunship.

    RM40mil self sustaining? Hahah but after using rm4bil whats rm40mil?

    HOw many years to recoup back the investment?

    Dont be daft la. We are not daft dimwits.

    If u r corrupted just admit it lo. No one will or can prosecute u wan. IN bolehland u can get away with anything as long as u tag along the bigger conmen.

  11. Anakbaram. It is a fantasy but imagine that Sarawak had joined Singapore instead of Malaysia. What do you think would have happened to it. I think the combination would have given South Korea or even Japan a good fight. As it has to continue to be Malaysia it will forever have to remain part of the Kalimantan forest, have its resources drained to line the pockets of the KL politicians, aspiring to achieve pariah nation status by 2020. My condolences.

  12. “………they are clearly in the business of cheating but keep on fooling the majotity by saying they are not and the kampung folks keep on voting for them.” PWCHENG
    Not only the Kampung folks,I believe you also at the 2004GE when Abdullah was projected as Mr.Clean and everyone fell for it.Remember!!
    Now “Mr. Clean” cannot use thIs image any more because it has been bochored.So now he comes up with the carrot dangling in front of the nation.He will develop areas not been done before to bring further wealth to the nation.
    (1)SJER
    (2)Northern Corridor
    (3)Eastern Corridor
    WILL WE STILL VOTE FOR BN? Chances are we will for we have never learned and from all indications it’s hard to believe we have.

  13. The so called “soft loan”, is it coming from EPF? If it is then we need to fight against the decision.

    How can the PKFZ pay back the money?? and what is the loan interest will be??

    “I have been a liar, I want to be a liar, I’ll always be a liar” should be the correct quote from Pak Belah.
    Have u been looking into the GERAK report from Ezam or still “I don know, don ask me”. Maybe u need 600 days to go through the report with 1 page a day.

    What a sad day for Malaysia and actually there is nothing to celebrate.

  15. “At the rate of generating RM80 million revenue annually from 2012, it would take PKFZ 57.5 years to recover the RM4.6 billion investments or to be more correct “mis-investments” – i.e. till 2070!”

    Very true indeed!

    The news paper mentioned these “soft loan” repayment is someting like 15 years or so. On first glance, I never thought this kind of agreement would never work. Another spin from the politician I guess. If the experts says it only generate RM80mil per annum (deleted). I would like to ask these suckers how the hell they can pay back in 15 years if the generated revenue is so small. Some kind of “soft loan” I guess don’t pay back also can (perhaps there is a clause in the agreement in small print saying, “if you got no money, no need to pay back-lah!”).

  16. Pak Lah,

    PKFZ u did a great job by granting those small minions a soft loan. And I also thank you for giving Zakaria Mat Deros the clean bill as well. UNder your leadership everything is OK!

    We are so grateful that u hv single-handedly kow-tim all this mess that surfaced under ur administration and u took care of it without any problems.

    We are under ur service. We are under ur spell.

    We are Phark Lah!

  18. In many of the infamous Nigerian scams, the victims will always seek recourses by approaching the relevant government authorities to investigate and try to recover their invested/lost/cheated monies. Many a time, they were requested to pay some “service fees” or “admin charges” before any action would be taken. Unfortunately all these victims were always suckered for a second time by the so called authorities. Many believed these conmen work hand in hand with the authourities.

    In PKFZ case, the rakyat have been plundered with a RM4.6 billion loss and the government has decided to extend a soft loan to keep the company afloat. Pessimism may have overwhelmed me, we never know how soon the second bailout would be needed to bail out the first one.

    In Malaysia, crimes do pay, because you are always not required to be accountable. There are always doles to be made out from the funds of the rectification process, promoted or bestowed a TanSri or Tun. With such an excellent reward system, we can be sured that crimes will definitely take a quantum leap to escalation.

    Malaysia Boleh, Malaysia is definitely learning fast. The BN government is neither looking east nor west now, they are confidently and committedly looking the Nigerian’s way.

    Malaysia Boleh! Nigeria Tetap Boleh!

  20. All this going on, D.A.P ,P.A.S and P.K.R, you guys also should join B.N.make all the money get datukship and all the titles that go with it,because we Malaysians will never learn because only B.N can run this country,come election time all this bullshit will be forgotten WE MALAYSIAN ARE JUST TO FAR GONE TO BE HELP.

  21. Tell me, if in a company, the CEO is always out playing golf or overseas and do not really knows his job, what do you expect the employess do? I help myself and you help yourself la!! this type of CEO will be popular among the employees because tak tahu this and that. Look at Transmile. Caan cook up the account for two years without any body knowing it!!!

  22. Ha ha ha. Throw some more good money after bad money. I guess a few more billions on top of the 4.6 billions. Looks like the bloody scums want to make some more money from their scams. Why must we live with this curse.

  23. Here’s a speech given by Chan Kong Choy, congratulating Kuala Dimensi Sdn Bhd in obtaining RM1.455 billion Private Debt Securities Issue from the “Authorities” (whom he failed to mentioned was himself). He even wishes Kuala Dimensi success in the transaction. And this was in 2004, rosy and upbeat; 2007, scandal and corruption. Shame on you CKC!

    Link:
    http://www.scribd.com/doc/260746/Speech-by-Chan-Kong-Choy-Congratulating-PKFZ-in-2004

  24. RM 5 billion to rescue Star, Putra, Monorail, bus companies etc
    RM 4.6 billion for PKFZ.
    RM 30-40 billion lost by Finance Minister 2.
    Many many more billions for Bank Bumiputra, BMF etc etc.

    But its OK. No ones to blame. We are used to it. Its our culture.

    We are still feeling good.

    You not happy? They challenge you to stand against them at the next GE. Are you angry enough?

  27. They control the mainstream press, the Police, the ACA, the Judiciary. And now they have the funds to buy the votes that will keep them firmly entrenched to continue their thieving ways. All the marginal constituencies will benefit through a rash of angpows or green packets or sewing machines.

    Will our votes be able to make a difference ? Yes, we have to try, but I suspect that the stealing will continue unabated until there is nothing left to steal. Then they will abandon the country to stay in London, Perth, Melbourne, Sydney, Jakarta, Surabaya, Medan – and we will have to pick up the pieces.

  28. Once upon a time there was a senior crab resting under a shady leave at a beach. He was trying to keep away from the heat of the tropical sun and enjoy the breeze from the sea. After a while he noticed a small newly born crab walking by, in the way that crabs normally do. He walked sideway in an with six ugly looking legs. Looking at the pitiable scene, the senior crab inquired the little crab, “What are you trying to do?” The little one told him that he was trying to go for a swim in the sea. The senior crab then asked, “If you are trying to go somewhere, why do you walk in such an awkward manner?” So to that the little crab asked the senior one to show him how to walk properly. Yes the senior crab halfheartedly accepted. But when the senior crabs started to walk he did exactly what the little crab did earlier on. In spite of that the senior crab insisted that the way he walked was different than the little crab. Although the little crab was young, he had enouch sense to note that the senior crab was not as good as he claimed. On that day the little crab learn that all the other crabs on that beach or any where else walk like he did. In order to be different he must look elsewhere for help; definitely not from his fellow crabs, no matter how senior. Senior crabs do not walk their talks.

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