— Ong Kian Ming and Teh Chi-Chang
The Malaysian Insider
Jun 07, 2012
JUNE 7 — The investments enigma. PEMANDU in its Annual Report claims that investments by the private sector were well above target last year. The headline claim may not withstand scrutiny though. Very large entry point projects (EPPs) appear to have faltered. We highlight just three examples here. If they had indeed faltered, which projects stepped up and more than filled their large shoes?
The shifting sands of LFoundry. PEMANDU gave itself full marks for the completion of construction of this 200mm wafer fab. However, very strangely, elsewhere in the Annual Report, a much less significant RM100 million equipment refurbishment project was showcased instead of this RM1.9 billion fab. The uncharacteristic modesty by PEMANDU led us to do some digging, which suggests that this lab might never have been constructed at all, contrary to PEMANDU’s claim.
What happened to Damansara City 2 and Marina Island Pangkor? These two EPPs announced last year were perhaps the most important in the Greater Kuala Lumpur/Klang Valley and Tourism NKEAs. But the ETP Annual Report omits any mention of them, focusing instead on modest “heritage trails” in Kuala Lumpur, and Penang, Klang and Kota Kinabalu as the three ports with the most tourism potential.
PEMANDU’s chimera of perfection. Glossing over issues merely results in a growing gap between reality and delusions of grandeur, and the facade will ultimately come crashing down. Rather than prolonging the charade of infallibility, PEMANDU should be frank and confess to problems, and state the remedial steps it took. This may well help others avoid making similar mistakes and adds much more value to Malaysians. Continue reading “Dissecting the ETP Annual Report (Part 2): The mystery of the disappearing entry point projects”