JOHOR BARU
KUCHING
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in bond issued by KDSB
by Giam Say Khoon Khalid noted that the bond was issued “This is the part that we feel is strange
Imsak (tomorrow) 5.42am
newsdesk@thesundaily.com by KDSB, a private company that had which should be decided by a court of law
KOTA KINABALU Break Fast 7.17pm
entered into a contract with the govern- should there be a legal suit,” he said.
KUALA LUMPUR: The Public Accounts ment to develop PKFZ. Azmi explained that the government
Imsak (tomorrow) 5.42am Committee (PAC) said yesterday it had He said the government could still must pay the bond holders, who were
www.islam.gov.my/portal/puasa.php found something “strange” in the bond claim the money back from KDSB should domestic and foreign investors, because
issued by Port Klang Free Zone (PKFZ) it be found not fulfilling its obligations or by failing to honour the payment, Malay-
turnkey developer Kuala Dimensi Sdn as a result of alleged irregularities involv- sia’s bond rating would be affected.
Bhd (KDSB). ing the company to the extent of between “We raise bonds all over the world
Speaking to reporters after a briefing RM500 million and RM1 billion. and the government does not want Mal-
by Port Klang Authority (PKA) chairman However, the government still had to aysia to be affected internationally as it
Datuk Lee Hwa Beng, PAC chairman pay RM660 million annually to the bond can still settle the dispute with KDSB.”
Datuk Seri Azmi holders whether or not the developer had He was of the view that govern-
delivered 100% of the work. ment bonds should ideally be issued by
“If there is an overclaim, the govern- government agencies, unlike the KDSB
ment can claim the money back from bond which was recommended by the
g ...
Jalur Geml stilafafnat a Fly the Jalur Gemilang
KDSB, but it still has to pay for the bond government through four letters of sup-
because the money has been taken by the port issued by former transport ministers,
unci by
Ipoh City Co was officiated developer through the bond,” Azmi said. which some parties argue were letters of
sterday which year’s campa
ign
campaign ye idi Hash im. This guarantee.
sh
BERNAMAPIX
k Ro w .
Mayor Datu rmance No “There is a difference of about half a
le First, Perfo
slogan is Peop billion ringgit in interest when the bond
was raised by KDSB and this is what
we are looking at,” Azmi said. “It is not
concluded yet and I do not want to say
anything more.”
He said the PAC would support any
action taken by the PKA over the PKFZ
scandal. Azmi also said a report by a spe-
cial task force on the PKFZ was not given
to PAC members as it is confidential to
the PKA board.
PAC members would be briefed by
a KDSB representative next week and
former PKA chairman and PKFZ execu-
tive chairman Datin Paduka O.C. Phang
within the next two weeks.
“We hope to visit the PKFZ again as
quite a number of tenants have moved in
and we would like to see it first-hand to
have a better perception,” Azmi said.
Azmi said the PAC planned to complete
the inquiry by early next month. Earlier,
Lee briefed the committee for two hours
on the report by the task force.