PKFZ land deal: Liong Sik “over-spent” by 19 times!

Whe I meet up with the Commercial Crime Department next week, I would demand the police to arrest Liong Sik and other involved suspects!

PKFZ price-tag shoots up to RM4.11 billion
Fauwaz Abdul Aziz
Jun 23, 07 6:01pm
The price tag for the Port Klang Free Zone (PKFZ) has shot up to an all time high of RM4.11 billion, for which the Port Klang Authority (PKA) has to begin paying for this year by coughing up RM510 million to the seller and developer of the free zone.This was revealed in a May 2006 report of the Auditor-General on PKA for the financial year ended Dec 31, 2005.

Based on various media reports and statements by PKA, malaysiakini had earlier placed the PKFZ price tag at RM2.4 billion: RM1.09 billion to acquire the 405ha of land on Pulau Indah, and at least RM1.3 billion to build it up.

For that amount, eyebrows were already raised in view of the project’s questionable viability. The Selangor Freight Forwarders & Logistics Association described PKFZ as an example of a mega-project into which a lot of money, but not enough thought, was put.

Supplementary agreement

Six months after its completion, PKFZ resembles a ghost town, with only about a dozen tenants instead of the anticipated crush of clients.

A May 2004 report of the Auditor-General revealed, however, the purchase of the land to have been higher at RM1.81 billion (inclusive of 7.5 percent interest) by RM720 million.

The report also said that while the development cost agreed upon in 2003 was RM519 million, this was raised to RM1.3 million following a “supplementary agreement” with the developer, Kuala Dimensi Sdn Bhd. The increase in development cost was not explained.

The report also said PKA then did not have sufficient financial resources to meet the RM2.9 billion obligation after having already paid an initial RM208.85 million (RM108.85 million for the purchase and RM100 million for the development of the land).

The Auditor-General’s subsequent remark that PKA “informed that the financing of the project will, from the year 2007, be under the 9th Malaysia Plan or through the formation of Malaysia Ports Commission (MPC)” fueled speculations that the derelict project was slated for a major government bailout.

Industry sources, when contacted, described as “scandalous” the use of the proposed MPC – while in principal a sound idea given the need for a central national port authority – to bail out a troubled public authority such as PKA.

The Auditor-General’s May 2006 report on PKA left out any mention of the MPC. He adds, however, that the Authority “is planning to obtain loans from financial institutions with the guarantee of the government of Malaysia as well as requesting grants to finance the project.”

To pay from 2007 to 2017

The Auditor-General also revealed that in 2005, the development cost increased by RM1.21 billion to RM2.51 billion due to “additional development works, professional fees and interest.”

Following the payment that had already been paid by PKA to Kuala Dimensi, the balance of RM4.11 billion shall be paid from 2007 until 2017 with an annual payment ranging from RM130 million to RM733 million, reads the report.

The initial payment for the land and development amounting to RM510 million shall be paid this year.

The Auditor-General also revealed that, as PKA’s liquidity at December 2005 consists of cash in bank and fixed deposits amounting to RM231.75 million and its surplus after tax was RM26.63 million, the Authority “needs to look for sources of financing to meet its capital obligation.”

Commenting on the matter today, Opposition Leader Lim Kit Siang said the whole project raises a question mark on the “viability, feasability, and integrity” of the whole project.

During a visit to the PKFZ this morning, the DAP supremo told reporters that the authorities and figures behind the project must explain its state of affairs. This, said Lim, includes the Transport Minister Chan Kong Choy and PKA chairperson Chor Chee Heung.

Both Chan and Chor have to explain how the latter’s appointment in view of Chor’s position as deputy chairperson of Wijaya Baru Global Bhd (WBGB) – which is behind the sale and development of PKFZ.

Lim also invited WBGB chief executive officer Tiong King Sing – who has claimed there is no connection between his company and Kuala Dimensi – to give a full disclosure on the matter.

Malaysiakini had earlier reported Chor as saying the issue of conflict of interest does not arise.

‘There is no connection’

According to records in the Companies Commission of Malaysia (CCM), Kuala Dimensi is owned by an investment holding and management firm Wijaya Baru Holdings Sdn Bhd (WBHSB).

At the same time, in WBGH’s 2006 annual report, Kuala Dimensi is listed as an “associate company” from which it derived “contract revenue”.

CCM documents show Tiong to be a director and shareholder in both WBGB and WBHSB, but he maintained that “there is no connection” between these companies either.

WBGB, WBHSB, and Kuala Dimensi occupy the same premises at Wisma Wijaya in Petaling Jaya, Selangor.

In September last year, WBGB was actually slapped with a “public reprimand” by Bursa Malaysia Securities Bhd for failing to make an announcement to the Exchange in relation to “the disposal of the Pulau Indah Land”.

WBGB had failed to send a circular to its shareholders pertaining to the transaction and obtaining the approval of its shareholders prior to the transaction being completed, said Bursa Malaysia Securities in a statement.

Bursa Securities said, however, that it has not found any of the WBGB directors to have caused or permitted the breach of the Bursa Securities Listing Requirements (LR) and only directed WBGH to “maintain appropriate standards of responsibility and accountability”.

PKA general manager OC Phang – who is also PKFZ managing director – did not respond to requests for comments.


■日期/Jun 23, 2007   ■时间/07:22:49 pm
■新闻/家国风云   ■作者/Merdekareview陈慧思


此外,竣工半年余,巴生港口自由贸易区乏人问津,全数512间的货仓只有区区两家公司租用,缔造马来西亚版杜拜嘉贝阿里自由贸易区(Jebel Ali Free Zone)传奇的梦想,几乎遥不可及。

林吉祥今日率民主行动党领袖前往巴生美丽岛(Pulau Indah)参观了与西港毗邻的巴生港口自由贸易区之后直抨:“这看来是个失败的计划,一个失败的计划怎么可以成功?”


今日林吉祥率众进入在保安区内的货仓地段视察,发现全数512个单位的货仓,只有两家公司租用,即Score AsiaR&R Engineering & Services,其余单位皆无人问津;相信是货仓过剩的缘故,一些货仓甚至为工地工人所占用。另外,举目所及,作为出租用途的空地,只有一家名叫Aker Kvaerner的公司设厂。


为了在美丽岛达成这个美丽的梦想,巴生港务局先是耗资18亿1000万元从Kuala Dimensi私人有限公司手中购入一片1000英亩的土地,随后把价值13亿元的发展计划颁布给这家公司,总投资额高达31亿元。这项土地买卖的价格和发展计划的投资额皆具争议性。


同行的民主行动党非政府组织局主任刘天球指出,原地主鲁姆岛发展合作社(Koperasi Pembangunan Pulau Lumut)在1990年代先后以137分每平方尺和298分每平方尺的价格出售该1000英亩的土地予Kuala Dimensi,总售价约9400万元,可是后者在2002年将该地段转售港务局的价格竟高达18亿1000万元,相等于每平方尺4155分,比原价高出了19倍!

但是,Kuala Dimensi董事兼国阵民进党民都鲁区国会议员张庆信早前接受《独立新闻在线》电访时表示,Kuala Dimensi并非一次过收钱;在巴生港务局缴还欠款的期限中,该土地必然会一直升值,因此,把土地售价与2002年市价作比较并不公平。

此外,他也指出,该地售价不应与当地的市价作比较,因为Kuala Dimensi出售的土地经过了一番特别处理,乃增值后的土地。

新加坡的《商业时报》(Business Times)在2005年引述我国的国家稽查局针对巴生港务局截至2003年年底的财政年所作的稽查报告指出,巴生港务局首期只需付Kuala Dimensi公司10%的地价和10%的建筑费,2007年以后的10年内便须缴还其余欠款。


根据注册公司资料,Kuala Dimensi私人有限公司四名董事当中的两名董事都是国阵领袖,其一为张庆信,另一名则是自2004年出任巫统总财政阿都阿欣(Abdul Azim Mohd Zabidi)。

注册公司资料显示,Kuala DimensiWijaya Baru Holdings私人有限公司所有,张庆信在这两家公司皆出任董事,他也同时是Wijaya Baru Holdings的股东。

另外,张庆信与刚在今年419日出任巴生港务局主席的曹智雄都是上市公司Wijaya Baru Global有限公司的董事;曹智雄也身兼这家公司的副主席职(deputy chairman)。


他认为,曹智雄应该辞去港务局主席或Wijaya Baru Global副主席一职,而早前揭露砂拉越黑帮猖獗现象并呼吁行政透明的张庆信应该确保土地交易透明。

无论如何,早前张庆信接受《独立新闻在线》电访时表示,Kuala DimensiWijaya Baru GlobalWijaya Baru Holdings没有任何关系。










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