Will Najib come clean with the Port Klang scandal ?

Port Klang scandal a key test

A FINANCIAL crisis at Malaysia’s main port agency, which could saddle the government with losses exceeding RM12 billion (S$5 billion), is shaping up as a major policy test for the administration of Prime Minister Najib Razak.

Senior government officials told The Straits Times that the soon-to-be-released audit report on a foray by the Port Klang Authority will show that losses stemming from bonds issued to finance the project could plunge it into insolvency by 2012.

The report, which is expected to be released later this week, also details an array of alleged management irregularities at the free-trade zone development, the officials who are familiar with the report said.

The Port Klang Free Zone project includes industrial buildings, offices and an exhibition centre.

The alleged problems began during the final years of the Mahathir Mohamad government, and continued during the Abdullah Badawi administration, the report by accounting firm PricewaterhouseCoopers will show.

Datuk Seri Najib, who took over early last month, must now deal with the fallout from the deepening scandal. It is set to expose the government to the repayment of the bonds that could exceed RM12 billion because of mounting interest charges.

Analysts said the move by the government to make the report public is likely to be welcomed. But they said that Mr Najib’s real test will be whether his government will pursue legal action against those responsible for the huge losses.

That is because the PricewaterhouseCoopers report alleges serious conflict-of-interest breaches between officials of the port authority and executives of private companies with close ties to the ruling Barisan Nasional (BN) government.

‘It is a tough situation for the PM,’ said a chief executive of a state-controlled commercial bank who is familiar with the audit report. ‘But the best thing to do is to come clean because it didn’t happen during his watch.’

Among other things, the report will show that the Port Klang Authority failed to carry out detailed studies before pushing ahead with the project and that major decisions were made without consultation with relevant government agencies.


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Khir Toyo, no stranger to attacking women, protests ‘attacks’ on his wife


How many cars does Khir Toyo and his wife need ?


Khir Toyo Spent At Least RM 349k Of State Money On Trips To London, Tokyo, Guangzhou, Kunming, Osaka, Fukuoka, Bangkok, Dubai, Beijing, Amsterdam, Milan, Venice, Geneva, Toronto, Los Angeles, Seoul, Chicago, Amsterdam. Stuttgart, Shanghai

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Evidence Surfaces – Khir Toyo Received More Than ‘Just A Salary’ When He Was MB

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Khir Toyo pronounces PKNS RM100,000 payout to him ‘halal’

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Malaysian politicians – mostly No shame. No morals, no ethics

Khir Toyo: Nothing wrong with Zakaria’s application for 1300 square meter more land, next to Zakaria’s mansion on 3995 square meter land

Khir Toyo inspected Mersing ferries with law breaker Zakaria

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Khir Toyo the ineffective executive

Khir Toyo clamouring to repair public image

Khir Toyo says Zakaria’s resignation will maintain Umno’s good name, his party position not affected because it is civil matter

Khir Toyo’s new tune: law-breakers not fit to be councillor, now says there is crisis

Selangor under Khir Toyo – sad state of affairs

Sultan wants explanation re Klang, will also question Khir Toyo

Khir Toyo used to say Law-breakers (especially if he happens to be Zakaria) can become councillors

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Khir Toyo’s government approved 99 hillside projects since 2000 (including 10 in Bukit Antarabangsa, 11 in Melawati) !!

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Selangor lost RM30 billion under Barisan Nasional administration

Selangor State Assembly condemns Khir Toyo for stirring racial discord, inciting hate

Report lodged agains Khir Toyo for trying to incite communal anger

Khir Toyo says he is not corrupt at Umno function, gets heckled by attendees

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Posted in BN government, jijik, kosong, [s]Port Klang Free Zone

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