OSA threat:RAM and analysts not guilty, so were the “OSA Four”

Malaysian Parliamentary Opposition Leader Lim Kit Siang has pointed out that in the past, the NPE concession agreement was used by RAM and other analysts with no problem. If that’s the case, the authority has no reasons to penalise the “OSA Four”.

The Cabinet should immediately lift the ban on all toll concession agreements and reveal the contents to the Malaysian public if they have nothing to hide.


NPE concession – RAM and analysts guilty of OSA offences?

/ Lim Kit Siang

February 6, 2007 @ 14: 30.35

In the past four years, Rating Agency Malaysia Berhad (RAM) had published information which are only available from the New Pantai Expressway (NPE) concession contract to assign and reaffirm long term ratings of AA3 and A1 for New Pantai Expressway Sdn Bhd’s RM490 million Senior Bai’ Bithaman Ajil Notes (22002/2013) (“Senior Bonds”) and RM250 million Junior Bai’ Bithaman Ajil Notes (2003/2016), which are to be found in four RAM’s Project Finance Ratings on New Pantai Expressway Sdn Bhd. dated:

(i)October 2003;
(ii)December 2004;
(iii)November 2005; and
(iv)October 2006.

For instance, in its first report on “New Pantai Expressway Sdn Bhd – New Issue” in October 2003 in assigning a long-term rating of AA3 and A1 for its proposed Senior and Junior Bonds, RAM referred to NPH’s revised toll rate structure under separate Supplemental Agreements where in return for additional works, NPE was compensated with an extension of the concession period by an additional 3.5 years to 11 March 2030 and a revision in toll rates from RM1.60 for cars for the entire original 30-year concession to a 33.5-year toll regime starting with RM1.60 but progressively increasing to RM2 and later RM2.30.

The pertinent question is whether RAM and its analysts had been guilty of OSA offences for using official secrets from highway concessions to rate loans and bonds like New Pantai Expressway (NPE).

The government cannot be unaware of these four RAM reports in the past four years and I am prepared to email these copies to the Cabinet if the Malaysian Government had really been so ignorant, inept and incompetent.

I am not for a moment suggesting that RAM and its analysts should be prosecuted under the Official Secrets Act but how can the Prime Minister, Datuk Seri Abdullah Ahmad Badawi, the Works Minister, Datuk Seri S. Samy Vellu and the Cabinet reconcile the application of double standards in demanding that the four Opposition leaders, Tan Sri Khalid Ibrahim and Tian Chua of PKR, Ronnie Liu of DAP and Dr. Hatta Ramli of PAS should “pay the price” for disclosing the contents of Lebuhraya Damansasra Puchong (LDP) concession contract while closing their eyes to similar disclosures by RAM and other equity analysts on other highway concessions?

This is a question the Cabinet must grapple with tomorrow and the Prime Minister must give the Malaysian public a satisfactory explanation after the Cabinet meeting – why the selective and discriminatory interpretation and application of the OSA, depending on whether it applies to whistleblowers or profiteers.

The only honourable way out for Abdullah and the Cabinet is to take a policy decision to suspend all OSA investigations and proceedings until the repressive and draconian provisions in the OSA had been repealed.

Some 28 years ago, in October 1979, I had introduced a motion for a private member’s bill in Parliament on a Freedom of Information Act to ensure openness of government and to prevent the law on government information from protecting inefficiency, maladministration or even malpractices and corruption.

I had made two specific proposals, firstly to drastically cut back the “catch-all” Section 8 of the Official Secrets Act by providing that only specified categories of government information, e,g. matters involving national security or personal information, are protected by criminal penalties against disclosure; and secondly, enacting a new law compelling the government to make documents available to the public on demand except in the cases of specified categories of government information like properly-classified documents involving national security or personal information, with provisions for the Courts to decide whether such classification is justified or not.

It is time for Abdullah to “walk the talk” of his reform pledge to lead an open, accountable, transparent, incorruptible and democratic administration by repealing the Official Secrets Act to be replaced by a Freedom of Information Act – which is also an acid test as to whether Malaysia can end its malaise of “First World Infrastructure, Third World Mentality” by adopting a first-world mindset and culture under Abdullah’s premiership.

07年2月6日 下午5:52 调整字体大小:
国会反对党领袖林吉祥质问,大马评估机构有限公司(RAM)在过去4年曾经刊登新班底大道(NPE)特许合约的内容,但是为何没有受到政府的对付?他指出,在过去4年里,大马评估机构有限公司刊登只有来自新班底大道(NPE)特许合约的内容,以评估与重新确认该公司在Bai’Bithaman Ajil高达4.9亿令吉高级债券以及2.5亿令吉低级债券的长期等级。这些消息可从大马评估机构针对该公司以下所刊登的金融等级预测得来,包括2003年10月、2004年12月、2005年11月及2006年10月。










林吉祥昨日也质疑三美威鲁是否有要求动用官方机密法令对付产业研究公司金英证券研究(Kim Eng Research),因为后者泄露了只能出自水供特许合约的内容,以及对付雪兰莪水供有限公司及/或商业高峰控股在未经授权之下将这类官方机密传播出去,而触犯官方机密法令?







One Response to “OSA threat:RAM and analysts not guilty, so were the “OSA Four””

  1. sampalee Says:

    LKS,your clarity shines through once again.Law no matter how unjust is static.It is the enforcer that provide the dynamics and decides its flow.Confidential info for the countrynshould not be used for private agenda[that is the spirir of the law]For instance when pak dah knew abpout the oil for food program and acted with personal interest for his family or personal friends,the OSA is violated.Confidential info for the country CANNOT be used to serve private agendas

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