‘Apex’ University Sains Malaysia blunders in first direct intake – 4574 students wrongly informed of admission (1Malaysia – Performance now ?)

USM’s blunder irks parents and students

An online blunder by apex-status Universiti Sains Malaysia in its first direct intake of undergraduates led to some 200 irate parents and applicants causing a ruckus here yesterday.

The error resulted in 4,574 students being wrongly informed that they had obtained places at the university.

Red-faced university officials apologised for their mistake when confronted by hollering parents and applicants, some sobbing.

Kuala Lumpur among top 5 riskiest offshore locations

KL among top riskiest offshore places, says survey

Kuala Lumpur is listed among the top five riskiest offshore locations in the world while Singapore is in the top five safest locations in a worldwide survey.

The riskiest and safest lists are published in the 2009 edition of the Black Book of Outsourcing, brought out every year by US-based Brown-Wilson Group.

The annual publication is considered a major independent analysis and advisory research for the outsourcing players and investors globally.

The rankings of safest and riskiest places are based on factors like high terrorist or rebel target threats, uncontrolled environment waste and pollution, corruption and organised crime, unstable currency, geopolitical conditions and unsecured networks and technology.

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Barisan Nasional’s track record

Port Klang Free Zone sinks deeper into money woes

Malaysia port project sinks deeper into money woes – News Wires – CNBC.com

A scandal-plagued port project that has embarrassed the Malaysian government amid accusations of mismanagement is in worse financial trouble than thought, according to an auditor’s report released Thursday.

The Port Klang Free Zone — a 1,000-acre (400-hectare) industrial and trading hub that opened in November 2006 — has been a publicity nightmare for the government over the past two years after Malaysia’s main port authority incurred massive cost overruns to develop the project.

The government approved a loan in 2007 to rescue the Port Klang Authority from debts exceeding $1 billion, raising opposition allegations of corruption and a lack of transparency in government-linked projects.

The port authority might have problems paying the loan installments, which would result in additional interest and send the project’s bill soaring to 12.5 billion ringgit ($3.5 billion), according to a report by accountancy firm PriceWaterhouseCoopers, which was appointed in October to audit the project.

The project had originally been targeted to cost 1.8 billion ringgit, but the figure ballooned to 4.6 billion ringgit by the time it was ready to open, officials previously said.

The auditor’s report listed a wide range of missteps, saying there was “a general lack of board oversight and governance.” It also noted there could be “potential conflicts of interest” in company officials involved in land acquisitions for the project.

Transport Minister Ong Tee Keat had promised Wednesday that the government would act on the report and take action against anyone involved in wrongdoing.

Dozens of companies involved in manufacturing, trading and logistics have set up shop at the Klang zone. It is targeted mainly at investors from the Middle East, China, Japan and India.

Government bailouts of prominent companies occurred regularly in the 1990s, damaging public confidence in big state projects. The opposition blamed the bailouts on corruption and undisciplined spending.

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Transport Minister Chan Kong Choy was happy with progress

The Port Klang Free Zone scandal

Khazanah Nasional’s net worth drops by MYR 19.4 billion (36.5%) in six months

Khazanah begins reshuffling GLC chiefs

Bagan MP Lim Guan Eng, a qualified accountant, told parliament Khazanah’s performance had not been encouraging despite the economic storm, saying its records showed that in 2008, Khazanah’s portfolio fell RM17.8 billion with overall Realisable Asset Value (RAV) deteriorating to RM70.4 billion on December 31 from RM88.2 billion on May 31 2008.

“What is more frightening is the net worth – RAV less total liabilities – stood at RM 33.7 billion at Dec 31 against RM 53.1 billion at May 31 2008. That is a reduction of Rm19.4 billion or a drop of 36.5 per cent in just six months,” said Lim, who is also the Penang chief minister.

The DAP secretary-general also said Khazanah’s equity investments has been poor with RM5 billion wasted in silicon maker Silterra Corp, apart from the sale of MV Agusta by Proton Holdings for one euro in 2006 after buying it in 2004 for RM368 million in 2004. He noted MV Agusta was later sold for RM800 million to BMW and Harley-Davidson Motorcycles.

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Nation governed by BN

Najib’s report card – economy slipping, more rent-seekers

Asia Sentinel – Mahathir and Najib in Divorce Court

Najib faces serious challenges. In addition to the widespread perception of his own corruption in connection with billions of dollars in contracts let to UMNO cronies when he was defense minister, he has the continuing millstone of the economy around his neck. As late as two weeks ago, the stimulus package he put into place was expected to result in gross domestic product growth of plus or minus 1 percent. However, the economy slipped disastrously, by 6.2 percent year-on-year in the first quarter and Najib said Thursday that it could contract by as much as 4 to 5 percent for the full year.

And, as Mahathir has pointed out, despite his promises to rid the party of the old-guard rent-seekers that got UMNO in trouble with the wider public prior to the 2008 election, he has brought them back in growing numbers.

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Najib’s track record

Rabble rouser Khairy inciting Penanti voters not to vote

Sun2Surf

A police report against Khairy was to be lodged at 3.30pm today at the Kubang Semang Police Station by PKR Youth Chief Shamsul Iskandar Mohd Akim. However, Shamsul told reporters at the police station later that the PKR Youth decided to give Khairy 24 hours to retract his alleged statement.

“We would also want to clarify the accuracy of the news report first,” he said.

Earlier, PKR Information chief Latheefa Koya said the alleged statement would constitute an offence under Section 4(A) of the Election Act, as it promotes ill-will, discontent or hostility to induce voters to refrain from voting.

If convicted, the offender can be jailed up to five years or fined not more than RM10,000 or both.

“This is statement made goes against democracy,” she said, adding that the police and Election Commission should investigate the matter.

Malay daily Sinar Hariam had reported Khairy made the statement on Thursday (May28).

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Rabble rouser Khairy

Police action increasingly high-handed and one-sided

Malaysian opposition leader questioned by police | World | Reuters

“Police action has become increasing high-handed and one-sided … this is not the way to go,” said Cynthia Gabriel from Voice of the Malaysian People human rights group.

“The government must recognise that it would not augur well for them to charge people under the Sedition Act or other laws that are draconian in nature,” Gabriel added.

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Malaysian police raid opposition headquarters without warrant

Barisan Nasional – same old, same rot

Kuala Dimensi Sdn Bhd (mentioned in the PKFZ report) wants to sue

Developer to sue over ‘negative’ report

Port Klang Free Zone turnkey developer Kuala Dimensi Sdn Bhd will sue the Port Klang Authority (PKA) or audit firm PricewaterhouseCoopers, or both, over the PKFZ report.

Its group deputy CEO Datuk Faizal Abdullah said the report which was made public on Thursday was “not done in good faith” and Kuala Dimensi had no choice but to defend itself.

“I have told the legal team to proceed. They are drafting the lawsuit, but I do not know who it will be directed at yet. We have just finished reading the report, so the lawsuit will be either against the PKA or PwC, or even both,” he said yesterday.

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Kapar Umno Youth Chief MPK Councillor Faizal Abdullah previously resigned because he too built a house without approval from MPK

Port Klang Free Zone had problems since 2003

The Port Klang scandal

Port Klang Free Zone report reveals weak managment

Report reveals weak project management

The report on the Port Klang Free Zone highlighted 20 issues concerning the project’s management and governance by the Port Klang Authority.

Among the issues which were revealed by the points were weak project management, cost overruns and conflicts of interests.

Among the issues were:

/> PKA’s failure to alert the Cabinet in a timely manner of its inability to finance the project from its internal funds following an audit report by the Auditor-General in 2004 that noted that PKA did not have sufficient funds to finance the project;

/> PKA’s failure to seek the advice of the Attorney-General while not complying with certain Finance Ministry regulations;

/> Potential conflicts of interests arising from the involvement of parties who had prior association with either the land used to develop PKFZ or the turnkey developer, Kuala Dimensi Sdn Bhd (KDSB);

/> Awarding of the PKFZ development contract to KDSB before a project masterplan was finalised;

/> PKA’s projections that it would be in a cumulative cash deficit position in 2012 and would not be able to repay the Finance Ministry soft loan instalments on time;

/> PKFZ having a low occupancy rate of 14% which is not generating sufficient revenue to cover its operating expenses.

/> PKFZ Sdn Bhd incurring losses since its incorporation and having negative shareholder’s funds as at Sept 30 last year.

/> The possible breach of Treasury regulations when the Transport Ministry issued letters of support which could be construed as a guarantee that PKA would meet its obligations on a full and timely basis. Such letters should have been approved by the Finance Ministry.

The report was made public at a press conference by PKA chairman Datuk Lee Hwa Beng at his office in Port Klang yesterday.

Lee however refused to field any questions on the details of the report and repeatedly asked reporters to view Transport Minister Datuk Seri Ong Tee Keat’s blog for further information.

He said the report would be available online at www.pka-report.com for a period of two weeks while the appendices to the report would be available for public viewing during office hours at PKA at Jalan Pelabuhan, Port Klang until June 10.

“The appendices could not be released like the report due to its voluminous nature,” he said.

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Transport Minister Chan Kong Choy was happy with progress

The Port
Klang Free Zone scandal

Port Klang Free Zone report names 4 politicians (all Barisan Nasional)

Report names four politicians

Four politicians are among those named in the report on the Port Klang Free Zone, including two for possibly having conflict of interest in their dealings with the project.

The four were Deputy Finance Minister Datuk Chor Chee Heung, Sementa assemblyman Datuk Abdul Rahman Palil, Backbenchers Club president Datuk Seri Tiong King Sing and Federal Territory Umno treasurer Datuk Seri Azim Zabidi.

Chor was the Port Klang Authority (PKA) chairman from April 2007 to March 2008 while Abdul Rahman was a board member of the authority from 1997 to 2003.

The report by PricewaterhouseCoopers (PWC) raised the question whether there was a possibility of a conflict of interests because Chor had also served as Wijaya Baru Global Berhad (WBGB) non-executive deputy chairman from April 2004 till July 2007.

WBGB is the parent company of Wijaya Baru Sdn Bhd (WBSB), the main contractor for PKFZ turnkey developer Kuala Dimensi Sdn Bhd.

“Minutes of the (PKA) board did not indicate that Chor either declared his previous involvement in WBGB to the (PKA) board nor withdrew himself from deliberations,” the PWC report said.

Chor is currently Alor Setar MP and was deputy home minister until April this year before he was moved to the Finance Ministry.

On Abdul Rahman, the report noted that he was also the president of Koperasi Pembangunan Pulau Lumut Bhd, the original landowners of PKFZ project site.

“At one Port Klang Authority board meeting, Abdul Rahman declared his position as the president of the co-operative and queried the proposal for compulsory acquisition of the land over direct purchase.

“Given that compulsory acquisition would have benefited PKA, the rationale for Abdul Rahman raising the query is unclear,” the report stated.

Abdul Rahman was a Selangor state executive council member under the Barisan Nasional government.

Both Chor and Abdul Rahman could not be contacted for comment.

As for Tiong, the PWC report named him as a 32% shareholder of WBGB, which in turn has a 45% stake in WBSB, the main contractor to the turnkey developer, Kuala Dimensi.

Tiong is also 70% shareholder of Wijaya Baru Holdings Sdn Bhd, which is the sole proprietor of Kuala Dimensi.

Azim, the former Umno treasurer-general, was only named once in the report. He was identified as a director of Kuala Dimensi. He was appointed on July 18, 2003.

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The Port Klang Free Zone scandal