Would Gani Patail dare to rock Umno's boat: The RM7.1bil WCE 'reservations'

Much has been done about the "expressed reservations" the Attorney-General, Gani Patail, had over the RM7.1billion West Coast Expressway agreement reported in the press recently. So what? Has anything been done? Was the Umno-controlled media doing the preference for the Najib administration department which has been severely criticized for the patently over-priced deal?

Or is the media being used as the battle field for warring factions in Umno, jealous of any others' goodies? Actually, which have been the personalities in Umno who really benefit the many if the understanding goes through?

To those who have been wondering, because so many politically-aimed questions as well as so most cynicism? The answer is because the WCE understanding is the domestic deal. And the A-G is definitely not independent of his various bosses in Umno as well as thus it is diverting to hold even for the second which he could have dared to demonstrate "reservations".

Here is an easy test. If Gani is indeed worried, afterwards find out for sure. Why let reservations sojourn reservations, especially in the understanding as outrageous as this? The A-G is not the nobody, his position is tall with power as well as influence. So, make use of it as well as get results. But make certain the scrutiny is genuine as well as it is done for the people as well as for not himself or his domestic bosses.

Not just the main deal, demeanour in to the deals surrounding all the companies involved

First things first, the A-G should demeanour not just in to the conditions of the agreement for the project though also in to the ones behind the companies awarded the project. The West Coast Expressway (WCE) is not the new project. It is the project which has been behind for over 10 years due to monetary problems.

Europlus had problems funding the projects given the 1997/98 Asian monetary crisis. The WCE was initial mooted by Tan Sri Chan Ah Chye, who controls Europlus, fifteen years ago. To promote the project, Chan set up Konsortium LPB Sdn Bhd (KLPB). Chan binds 27.58% equity interest in Europlus as well as construction hulk IJM Corp Bhd owns 22.72% stake. IJM also binds the determining stake in KLPB.

IJM through Road Builder Holdings Bhd, operates fee for the Sungai Besi Expressway, New Pantai Expressway as well as Kajang-Seremban Highway. And with the WCE also in the bag, IJM stands to be the biggest fee user in the country.

The record-breaking 60 years fee benefaction in between Europlus as well as the government would mean the IJM would sojourn in the business of collecting fee for the really prolonged time. The ties IJM has with the BN government is flattering clear.

IJM's board of directors is headed by Tan Sri Abdul Halim garbage bin Ali. Abdul Halim Ali was appointed the Chief Secretary to the Government of Malaysia in 1998 as well as late in 2001. After his retirement, he was done the Chairman of the Employees Provident Fund Board until January 2007. The WCE project started relocating in 2007, when KLPB entered in to the benefaction agreement for the construction of the WCE. Mere coincidence?

Then the losses...

The really actuality the government was willing to perform Europlus as well as renegotiate the conditions to build the WCE should be questioned given year after year, Europlus has seen revenue tumble from RM50.4 million to RM28.0 million. Europlus! is basi cally the non-perfoming company, nonetheless the Najib administration department has awarded it with the RM7.07 billion contract.

In January 31 2008, Europlus sum revenues were RM58.5 million, though by January 31 2011 the sum revenues for the group stood at RM28.0 million. Gross increase for 2008 was RM8.9 million, in 2010 Europlus saw the -ive RM17.2 million in sum profits, this rose to RM4.2 million for January 31 2011. The net income for January 31 2008 was -ive RM24.8 million though by January 31 2011 the net income stood at -ive RM50.8 million.

Europlus is the money-losing entity nonetheless after renegotiation upon the WCE, they have pulled the biggest sucker-punch ever with the Malaysian government.

Who will guarantee Umno members from their own elite

The controversial inlet of how Europlus benefit such favors should be investigated by the A-G. Were there alternative "forces" pulling the strings in sequence to benefit as most as possible from the government coffers?

Is this an practice to stream the income to BN accessible people as well as groups, as well as disguise the greed in the eminent form by spinning which stories which the Umno elite have no choice. That they need to take the income to guarantee Umno in box Pakatan Rakyat wrests the carry out of the sovereign government. Who afterwards safeguards the ordinary Umno members from their unscrupulous leaders?

A lot of questions though Malaysians can be certain the Najib administration department won't be means to answer even 10% of it, simply because it is not to their value to do so. So do not be fooled by Gani's sudden attack of conscience. It is well inside of his powers to sequence the full examine in to his supposed reservations.

But let's take the bet - you say, he won't. He would never brave to ! stone Um no's boat!

(above picture courtesy of donplaypuks)

Malaysia Chronicle

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