PKFZ Part II – Its only money……my money!
The more I read about the PKFZ report, the more upset I become. I realize that the PW report was probably adulterated to a certain extent to minimize the impact to the readers.
There is probably a lot of information that was not taken out by the owner of the report. After all PW made the report for the KPA and it is entirely up to KPA to decide on what can or cannot be released.
2. I had mention in my first write up that the scale of the problem could probably the tip of an iceberg. There might be some truth in it but I was merely speculating. I speculate because there I have a strong distrust of my present government. At the same time my speculation is supported by the previous history of financial mismanagement on the part of the government.
3. Let us revisit some of the projects that I can remember. Like many Malaysians, there are probably so many glaring financial scandals but we have forgotten. In the 90s, we had the MAS fiasco of selling 30% share of MAS to TRI for RM1.8 bill. TRI runs the company for few years, splits it into piece meal and then sold some of it. MAS subsequently continue its losing streak that accumulated to about RM 6 billion.
4. The government then spent RM1.8 billion to buy back the 30% shares from TR. When the government sold MAS, it was a profit making company with healthy balance sheet. When they buy it back it was a loss making and was at the verge of collapsing. By the time it came into IdrIs Jala hands, it has loss another RM 3 billion. All in all, the MAS saga cost the Malaysian people an estimated amount of RM10.8 billion and MAS today do not own planes and has also lost their symbol of achievement in Jalan Sultan Ismail.
