31st August 2007. Malaysia 50th anniversary!
Next Friday 31st August will be Malaysia 50th Anniversary of Indipendence.
50 years.... and today we still find that....
Govt throws lifeline to Port Klang Free Zone
PORT KLANG: After weeks of speculation, the government broke its silence yesterday with a firm undertaking to support the controversial Port Klang Free Zone (PKFZ) in Pulau Indah.
The Transport Ministry said in a statement that the total outlay for the Port Klang Authority (PKA) project was estimated at RM4.632 billion, after interest, professional and variation charges were added to the RM1.088 billion in the purchase price of the 405ha site and development costs of RM1.845 billion.
"Because of the high overall cost of the PKFZ, the government has approved a soft loan to the PKA. Details of the borrowing are being finalised," the ministry said.
The project has been criticised as too expensive, particularly after its price tag ballooned from a reported RM1.1 billion at the time of its inception in 1999 to a level that has left the PKA deeply in debt.
In a breakdown of the free trade zone’s costs, the ministry said the PKA had bought the land from Kuala Dimensi Sdn Bhd at RM25 per sq ft, based on a valuation conducted by the Valuation and Property Services Department.
Kuala Dimensi, an "associate" of Wijaya Baru Global Bhd, had bought the undeveloped property in 1999 from a local co-operative for RM95 million or RM3 per sq ft.
The ministry said the PKA’s purchase price was reached because of work done on the site, including land reclamation, drainage, construction of access roads, installation of street lights, water services and payment to various utility agencies.
"The repayment period to Kuala Dimensi is 15 years at an interest rate of 7.5 per cent and the land cost came up to RM1.807 billion."
It also explained that an initial plan to develop PKFZ in two phases had been merged into one on the advice of the then PKFZ operator, Jebel Ali Free Zone Authority (Jafza).
Jafza exited the management contract signed in October 2003 last month, citing "strategic" reasons.
Upon Jafza’s recommendation, the development costs of PKFZ totalled RM1.845 billion, comprising four blocks of eight-storey leased office buildings, 512 light industrial units, three-storey free zone authority office, three-storey Customs office and checkpoint, 175,000 sq ft exhibition centre, a multi-storey car park, security building and ancillary buildings.
It also included infrastructure work such as landscaping and security fencing, the upgrading of roads leading to the PKFZ, construction of a 135-room business-class hotel, electrical works and construction of a 42km concrete trenching.
"Taking into account the land acquisition and development costs, as well as 7.5 per cent interest rate, 10 per cent professional fee and 20 per cent variation order, the entire development cost of PKFZ is RM4.632 billion."
It maintained that the PKFZ, which opened for business last November, was a viable national project to enhance Port Klang as a loading centre, stimulate the economy, create spin-off activities and provide jobs.
and then the surprise in typical Malaysia style....
All charges dropped against Zakaria, partners
KLANG: All 37 charges against controversial Port Klang assemblyman Datuk Zakaria Md Deros and five of his business partners instituted by the Companies Commission (CC) have been withdrawn.
The CC had taken Zakaria and the five to court by virtue of their position as directors of Harvest Court Industries Bhd and Titi Steel Sdn Bhd, which had contravened the Companies Act 1965.
Each charge could be punished with a fine of up to RM30,000 and five years jail.
They were charged with failing to notify of change of address, failing to hold annual general meetings, failing to submit financial statements and failing to submit profit-and-loss accounts.
Mozni Sham Ahmad and Joseph R. Samuel who appeared for Zakaria, his partners and the two companies said the charges were withdrawn because the "outstanding problems had been settled".
Companies Commission's prosecutor Azmil Haron told magistrate Fadzilatul Isma Ahmad Refngah that he had been instructed to withdraw the charges against the two companies and its directors.
If I can avoid any comments because I'm definitively tired to speak to the wind, someone, Malaysian, through her blog, one of the most views and followed, speak out simply straight to the point:
[quote]
Grievous Insult
The other day Mike Tyson accused Raja Petra Kamarudin of among other things, insulting Islam.As a Muslim, let me tell you what is insulting to my religion.
It is insulting when Pak Lah says he is guided by the principles of his so-called Islam Hadhari concept, but does nothing against Umno members involved in the totally un-Islamic affair called Port Klang Free Zone.
The worst thing in this whole thing, as far as I am concerned, is that the Umno thieves basically made use of a fishermen’s cooperative, Syarikat Koperasi Nelayan Melayu Pulau Indah, to make a huge profit from a land deal.
They used poor people for their own greedy ends — how much lower can you get? Ini Islam ke ni, Pak Lah?
It is even more insulting to Islam when after so much has been aired in public, the Prime Minister, a Muslim leader and tireless proponent of Islam Hadhari, has said and done so little. Islam apa ni, Pak Lah?
Islam is a religion that burns with righteousness when it speaks and acts against the oppression of the weak, the poor and the downtrodden. This makes Pak Lah’s silence and inaction against his party members involved in the PKFZ scandal even more telling.
Again I ask: Islam apa ni, Pak Lah, when you do nothing?
This man urges Muslims to show the “true” face of Islam, and markets his Islam Hadhari as that “true face”, and what does he do in this instance?
NOTHING.
Hina, lagi menghinakan. MERDEKA!
[/quote]My 2 cents here... Do you still consider Malaysia a developed country ?
Do you still wanna come Malaysia as an FDI ?
I'm really curious to see where Malaysia will be next year in list of most corropted countries.
Happy Merdeka Malaysia !!!
(Merdeka = Indipendence, Merdeka that sound so familiar with another Italian word... MERDx, that probably is more appropriate than Indipendence! Yes Malaysia you're really a MERDx)
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