Since yesterday, the PricewaterhouseCoopers (PwC) audit report on RM12.5 billion Port Klang Free Zone (PKFZ) has been taken off the Port Klang Authority (PKA) website.
As a national service, the PwC report on the PKFZ scandal is hereby restored online and available here (Malaysia-mirror).
As I said, the PwC report is most unsatisfactory with its very narrow and restricted terms of reference, as noted by the PwC in its “Important Notice”, viz:
“The report is limited in scope. It is restricted to a position review of Port Klang Free Zone and Port Klang Free Zone Sdn. Bhd as set out in our Letter of Engagement dated 8th October 2008. We were not asked to and we have not advised on any strategy, valuation, legal implications, tax, operational effectiveness, staff competencies or process improvement. No investigation to detect any wrongdoing or audit to form an opinion on any financial information, including any forecasts and projections, has been undertaken.” (p.1)
Transport Minister, Datuk Seri Ong Tee Keat has not been able to explain why he had decided on such a limited and restricted term of reference for the PwC study, deliberately excluding from inquiry the conduct or misconduct of previous Transport Ministers, Tun Dr. Ling Liong Sik and Datuk Seri Chan Kong Choy in the PKFZ scandal, as well as not asking PwC to detect any wrong doing or render advice on “any strategy, valuation, legal implications, tax, operational effectiveness, staff competencies or process improvement”?
Continue reading “The PwC report on the RM12.5 billion PKFZ scandal which PKA has taken off the Internet”