Will the Taman Industri Minyak , Gas Dan Maritime Tanjung Agas become another PKFZ? PKFZ as you know escalated from over RM 1 billion to RM 4.6billion. This development in Pekan is expected to cost RM 6 billion. How many zeros are there is 6 billion?
The PKFZ scam took the following course. Some cunning people went up to the government and said: look we can develop this area into a free trade area complete with warehousing, storage facilities with bonded warehouses, residential and industrial properties and what not. We bring in this Jebel Ali free trade zone specialist. This is a sure fire investment. What's the cost? Not much, only RM1.8b.
Hmm, ok, but make sure the goodies are spread among us. How? We incorporate a company- let's call it a PENYAMUN INCORPORATED SB #1 with the government arm inside. We will acquire the land at x price. We will develop and build some facilities as appetizers. We will do an Indian police kind of thing- shoot first, ask question later. We will build first and let the rakyat ask questions later. We will sell the land at inflated price. And later if the cost overshoots or we actually will make sure the costs go sky-high, we will borrow from the government. Don't worry the government is pro business of this kind.
Next, we form another company- PENYAMUN INCOPORATED SB #2 to sell the developed properties and facilities to the investing public. Sure we make money one- after all we acquire the land cheap what…
You see this project at Tanjung Agas Pekan( TAP) is uncannily very similar to PKFZ. Its initial cost is RM 2 billion which the promoters say they will borrow from KAF and hear this- the GOVERNMENT.
So, before this project is up and about and later fumbles, I want to ask the following question. Also because I don't think the dumb asses of wakil rakyats in Pekan know anything about this.
- I want to know, since the land belongs to PKNP why has PKNP agreed to a 30% share? Why can't PKNP hold the majority since PKNP functions like a business entity?
- I want to know, what is the total acreage involved. It is over 4000 acres. What is the price of the land psf?
- Why can't PKNP make more money? Why can't it as owner of the land which it obtains from the government sells the land to the 7 sisters? (the companies said by the promoters who have committed themselves to invest here) The RM6 billion investment came from seven companies comprising local and foreign firms, which have agreements with Tanjong Agas Supply Base and Marine Services Sdn Bhd. The companies are Vantech Dockyard, Tec-Steel Manufacturing Sdn Bhd, Usatech Marine (M) Sdn Bhd, Bitari Abadi Sdn Bhd, Core Competencies Sdn Bhd, Competent Selection Sdn Bhd and Damini Corporation Sdn Bhd.
- Has PKNP conducted a valuation on the price of land in Tanjung Agas and make this valuation report public?
- What is the name of the company who did the valuation?
- We want to know whether this valuation company is chosen by the promoters of this project or PKNP.
I hope PKNP and its partners will not be stupid as to do another PKFZ scam on the rakyat of Pahang. We know, we live in the jungles but please don't insult our intelligence.
What do I mean by doing a PKFZ on us?
- All the partners agree to appoint a development company. Call it the Dummy company sdn bhd. This company will buy the land from the government.
- Then the JV Company who will develop this land will buy from the Dummy company.
- We will then want to know, if it buys the land from company A, what is the price? I want to know, because the two jokers who sold the idea to PKNP and the Royal Family are veterans of the PKFZ.
- We want to know who are the contractors appointed to develop the various facilities. Will they be the friends of the two jokers, golfing buddies of DatoLias, polo playing buddies of Tengku Abdul Rahman or some class F contractors from PM2B's Pekan area?
- Will open tender be carried out or tenderers selected. I may want to submit my company.
- Is the land going to be developed in stages or as a whole at the same time?
Now, according to the sanitized reports:-
The industrial park, covering 4,098 acres, is to be developed by Tanjong Agas Supply Base and Marine Services, which is 30 percent owned by the Pahang State Development Corporation (PKNP).
It will be a modern one-stop centre service and offshore base that will serve and support the region's enormous and rapidly growing upstream and downstream oil and gas exploration and production activities. Among activities provided are shipyard, residential and commercial, fabrication yard, dredger yard, manufacturing plant, steel billet plant, bulk terminal, petroleum terminal and warehouses, factories and commercial development.Tanjong Agas Supply Base and Marine Services' managing director Mohd Faidzal Ahmad Mahidin said about RM2 billion was needed for building the infrastructure and the company was seeking financial support from KAF Investment Bank Bhd and the FEDERAL GOVERNMENT.
Sounds similar to PKFZ no?
Dato' Sak,
ReplyDeleteAnother replica of PKFZ in the making. If they can get away with PKFZ, they will get away with this too as long as the nation's leaders are in cohort with them.
Don't they have any guilt?
Dato' Sak,
ReplyDeleteLearned people like you, need to keep a watchful eye on these "penyangak" who would siphoned out the rakyat hard- earned money, with a little help from some selfish and inconsiderate leaders who are ever willing to trade their soul for self-interest.
What can we say, Dato? It's the dogs eat cat environment. This country has become so materialistic that everybody is chasing for the worldly wealth to the extend of cheating the rakyt.
But alas, in Malaysia, this kind of "projects" is far too common. It happens everywhere. The authorities are aware but they lack the political wills and commitment to weed it out.
It does sound eerily similar to PKFZ. There should be disclosures on the feasibility and viability of the project.
ReplyDeleteYou have done a major public service with your continued sleuthing. There appears to be high probability that the Federal Government will end up carrying this mega project.
PKFZ was killed because of cost overruns. The stupendous costs include inflated land costs and bloated expenditures. A classic rent-seeking model.
And, with bloated costs, the breakeven and payback will run into a timeframe of infinity i.e. a government bailout will be inevitable.
To allay public concerns, there should be transparency and major disclosures on the financial aspects of the project.
Dato
ReplyDeleteI agree with you that as the PKNP owns the land, they shoud take the majority equity. They are a Government arm, they represent the public and should be protecting the interest of the public.
This sort of thing was unimaginable a couple of decades ago. A manifestation of the extent of corruption in the country now. Preposterous. Ludicrous.
This deal sounds very fishy, to say the least. As public interest is involved, they should be transparent, have prequalification procedures, open tenders, etc. It's a huge chunk of land, a monstrous sum of money.
The Menteri Besar should do something about it. Get majority stake for PKNP. Use proper valuation methods and independent valuers. Announce them to the public. Explain, justify. You have to, because you are accountable to the public which has voted you in.
For the privately held shares, spread the wealth wider. Be fair and reasonable. No excuse for saying it is a fait accompli. Re-structuring can always be done. Allocate a reasonable percentage for the public to subscribe.
Rent seeking should be made into an actual job, SM.
ReplyDeleteThen at least all of us can participate in making sure that doing business in Malaysia will continue to be EXPENSIVE.
Add 20 to 30 percent, pretty please. We've got SUVs, girlfriends and wives to maintain.
Atas angin, that's what we are good at.
Raison D'etre...i like ur sense of priority lah..SUV first and wife last.
ReplyDeleteAnyway..back to Dato's questions ..
can we also know wats the equity/paid up of the company?And was it subscribed at par and by cash?
And the 7 investors...have they inked the S&Ps for purchase of the land and have a contractual timeline for the start up?Presumably,these are reputable companies with the resources to invest so much.I see no major international or local companies in that list.
For the funding will the land be collateralised?Is PKNP to be paid in FULL upfront for the land..or will it be some form of deferreds..?
I hv to applaud Dato's courage to raise the real issues and seek the truth.Its still early days for the project as I believe EIA still not published.
Hopefully,PKNP will provide the clarifications..and show the public that they have done the right due diligence and are protecting the ppl's interests.I am confident that PKNP are professionals n will not fail us.
Anyone have links to the official findings on the PKFZ issue?
ReplyDeleteI remember the govt hv appointed an auditor to do some comprehensive analysis.
thanks
advisers:
ReplyDeleteumno treasurer.
sarawkian
MCA politicians.
triads in work again. real muhibbah ecept where's samy vellu. bent backwards and get screwed again, the same style as in Port Klang Fleece Trade Zone.
Whats the name of the Minister overseeing this. Better give him the number of one of the professional firms. Needed to write a report how great the project will be after teh rakyat has been screwed for another RM4.7 million. Want further advice? Check it out with Ong tee Keat.
we have the parliment. get the YB of the area to do a proper presentation and deliberation since its the people's money we are talking here. let the YBs discuss and agreed on the cost and benefit analysis. get them to decide how much the people thru PKNP should profit
ReplyDeletei hope this project will give a lot of benefit to the tanjong agas people...
ReplyDeleteTg Agas Supply Base is total failure now as most of us expected. First launch was 16th February 2009 and now over more than a year the bakau trees are still there except road works by main contractor Putra Perdana appointed by Federal Govt who provided funds amounting RM150 million to PKNP. All 7 investor companies have left due to disillusion because the agreement was they'll only begin to invest on "ready land" meaning cleared, reclaimed empty land. TASB claim they can raise RM2 billion fund from KAF or Kenanga was just a big lie. Where are the German company that wanted to invest by taking up 350 acres to build a steel frabication yard ? They left ! Where are the American company that wanted to do a oil tank farm storage ? They left ! Where are the French company that wanted to do a supply base ? They left ! Where are the Malaysian company who wanted to do the first dredgers yard in the country ? They got booted out ! Where are the Malaysian company that JV with Daewoo to build a shipyard ? They got sodomised (hijacked)! Now, all these are not surprising for those who are in the know about the history of this project. This project was the brainchild of one Mr. Idrus and the late Captain Zizie who died a broken man (al-fatihah). They proposed Tg Agas Supply Base based on the same concept of a supply base in Scotland. Unfortunately, the two jokers (or hijackers) who are running the show now, snatched and hijacked this proposal and presented to Tengku Muda as their own. So, this is the answer to why after more than a year there's no progress except statements after statements and no action. They don't even know where to start !!
ReplyDeleteWe hope the Federal Govt not PKNP (which act like an office boy only) will seriously look into this because foreign investors that left have only bitter taste in their mouth about investment in Malaysia. Another PKFZ debacle ? Highly possible. These 2 jokers are smart too, they hide behind His Royal Highness and the Bendahari Bahagian Pekan, Pahang for protection. But for how long ?