Media Statement by Tony Pua in Petaling Jaya on Monday, 1st June 2009:
DAP Forum - RM12.5 billion PKFZ Scandal: Will Heads Roll?
“It is an astronomical rip-off. The can of worms has turned out to be a pit of crocodiles and alligators.” Lim Kit Siang, DAP Parliamentary Leader.
The Ministry of Finance has already extended a RM4.6 billion soft loan at 4% interest rate to PKA to salvage the project in 2007, and now it appears that they will have to extend an additional RM3.56 billion loan to cover the cashflow deficit over the next 20 years! As projected by PriceWaterhouse Coopers (PwC), this restructured financing will cost an additional RM5 billion in interest costs over the next 42 years!
The question now is, will heads roll over Malaysia's record bailout scandal, especially with existing Barisan Nasional leaders implicated by the project?
In addition, should the government continue to support the project with up to RM8.56 billion in tax payers' monies or should it cut losses and make better use of the funds for the rakyat in other more productive means?
The DAP will be holding a public forum to discuss the above issues in detail with the following details:
A special invitation will also be issued to the Minister of Transport, Datuk Seri Ong Tee Keat to attend the forum as a special guest to respond to questions asked by the public, as directed by the Prime Minister, Datuk Seri Najib Abdul Razak.
All are welcome and attendance is free.
For more information, please contact Ms Teh Joo Shin @[email protected] or 016-5941995.
* Tony Pua Kiam Wee, DAP National Publicity Secretary & MP for Petaling Jaya Utara