Khairy Jamaludin

In his speeches to his followers in UMNO Youth, he instigates and brings out their dark side.

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He is also aggressively ambitious, barely concealing his greed for money and lust for power. He fancies himself an “investment banker,” but his primary indulgence is stripping off valuable assets from government-linked companies. ECM Libra’s (the company he is associated with) well documented plundering of GLCs is a ready example.

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If perchance the particular leader this K ‘J character is backing suddenly stumbles, he shrewdly shifts his target. His tactics and underlying strategies however, remain the same. After all, innovative imagination is not his forte!

Thus now that Anwar Ibrahim is out of power, this K ‘J character readily heaps scorn upon him. Earlier when he thought that Anwar might dramatically resurrect himself upon his release from prison, this K ‘J was the first to greet Anwar at his home on the pretext of expediting his passport application.

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…some are beginning to see through the fraud of this K ’J. Zahar Hashim, head of Petaling Jaya Selatan UMNO, likened this K ‘J to the devil haunting UMNO Youth. Zahar is a retired army officer; meaning he has guts to go with his self-discipline. It would be tough to borak (hoodwink) your way through this former soldier.

Source: Bakri Musa

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Khairy’s manoeuvers

Malaysian Govt’s hand forced in bailout of Port Klang Free Zone

The government has to bail out the Port Klang Free Zone (PKFZ) because the Transport Ministry had given undertakings it was not authorised to do so.

The ministry issued “letters of support” which were used by the turnkey contractor - Kuala Dimensi Sdn Bhd (KDSB) - to raise bonds and get an AAA rating from the Malaysia Rating Corporation Bhd.

The four letters were issued between 2003 and 2006 for the issuance of bonds for the RM4.6 billion cost of the project. Ministry sources argue that they merely “supported” the applications but bankers contacted by theSun said that in effect, they were letters of guarantee which only the Treasury can issue.

This is because the letters from the ministry committed the government to ensure that at all times, the Port Klang Authority (PKA) will fulfil all its financial obligations to KDSB.

By then, PKA started having problems in attracting investors and could not meet its yearly payments to KDSB.

The bankers said since it was an undertaking by a ministry binding on the government, there was no option left but for the Treasury to issue fresh letters and make the guarantees retrospective.

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Letters to Transport Minister Datuk Seri Chan Kong Choy detailing some concerns were not replied.

• The day the report was published, Prime Minister Datuk Seri Abdullah Ahmad Badawi said the matter will be discussed and Chan will be asked to respond why the letters from Jafza were not entertained.
• The same day, PKA general manager Datin Paduka O.C. Phang in an interview with Utusan Malaysia said PKFZ could proceed without Jafza and that Jafza had changed its representative here three times.
• Aug 20: theSun reports that the PKA spent more than RM1 billion to buy land meant for the free zone, well aware that it was encumbered.

Source: The Sun

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The MYR4 billion Port Klang Free Zone