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Highlights of report on PKFZ, PKFZSB

KUALA LUMPUR, 28 May 2009: PricewaterhouseCoopers Advisory Services (PwCAS) was appointed by Port Klang Authority (PKA) to conduct a review of the Port Klang Free Zone (PKFZ) and Port Klang Free Zone Sdn Bhd (PKFZSB).

The report was made public on 28 May.

Project costs escalation

In its review of the Port Klang Free Zone Project and Port Klang Free Zone Sdn Bhd, PwCAS said the project outlay for the PKFZ has escalated from RM1.957b to RM3.522b, excluding interest cost. Including interest cost, project outlay increase to RM7.543b.

PKA was unable to fund its obligation to KDSB from its own resources when the first scheduled payment was due in 2007. PKA secured a 20-year soft loan of RM4.632 billion from the Ministry of Finance (MoF), of which RM4.382 billion was available for drawdown. This loan would impose an additional interest cost of RM2.506 billion resulting in total project outlay of RM7.453 billion.

Read more here.


This article first appeared on Thursday, 28 May 2009 in www.theedgemalaysia.com. Used with permission.

 

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3 Responses to “Highlights of report on PKFZ, PKFZSB”

  1. tkwah says:

    Hahaha. In the end, no one goes to jail….

  2. Thuraisingam says:

    The release of the PKFZ fiasco report to the public by the cabinet is actually a last minute attempt to gain credibility in the eyes of public so as to gain some ground of support for the Barisan National government.

    Never in the history of the BN government have the authorities been so generous in acceding to the overwhelming demand of the discerning public for accountability and transparency in government business. The PKFZ issued has been raised umpteen times by none other than the Sun newspaper under the Citizen Nades special reporting corner. Now after the Pakatan government has successfully harnessed the dissatisfaction of the general public with the mainstream media which reported postively on all BN government fiascos, it seems that the BN government is trying to show the Malaysian public that they are “good” by generously making public all and sundry reports on projects that have put a hole in the tax payers pocket.

    But such a stance by the BN government is too late. BN is going to be washed out in the next general election. The will of the people will take its course in Malaysian poltics and all those who previously supported corruption, cronyism, discrimination, racism and largess under BN rule should pack up and leave.

    If they refuse to budge, they will be kicked out disgracefully in the next general election.

  3. Main says:

    Damn if you do, damned if you don’t.


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