While a supervision is still recouping a waste from a Port Klang Free Zone (PKFZ) plan debacle, an additional similar disaster appear to be in a creation in Johor, where a taxpayers will end up balance billions if no evident pill is found.
The sovereign government-backed RM1.4 billion Asia Petroleum Hub (APH), tormented by price overruns as well as delays, faced an even bigger setback when a categorical banker CIMB Bank Bhd pulled out from a project, after injecting RM840 million.
This was suggested by Muhibbah Engineering (M) Bhd, a single of APH's vital contractors, in a statement upon Tuesday.
Supposed to be finished by 2009, a plan has racked up overruns of RM1.4 billion, including seductiveness costs, while RM2 billion was still indispensable to complete a project, according to a report by headlines portalMerdeka Review.
In February, it was reported which a plan was usually about 60 percent complete.
The plan was launched upon Jul 5, 2007 by a then-prime apportion Abdullah Ahmad Badawi. Targeted for execution in 2009, it would be a single a world's! largest fully integrated terminals, with mixed jetties capable of accommodating over 3,000 vessels annually as well as doing over thirty million tonnes of inorganic substance products.
This RM1.4 billion project, which sits upon a reclaimed island near Tanjung Pelepas, Johor, was initially developed by homegrown terminal operator KIC Oil & Gas (KIC), which held a 90 percent stake, as well as a remaining 10 percent is held by Trek Perintis Sdn Bhd, a government-approved strategic monetary investor.
The supervision had invested RM100 million to create a 100-acre synthetic island as well as provide ancillary infrastructure.
Series of mishaps
The plan team was led ! by ZAQ C onstruction Sdn Bhd, a handling executive entrusted with a execution of a project, while other vital contractors were Mott MacDonald Ltd, Nam Fatt Corporation Bhd, Kencana Petroleum Bhd, Muhibbah Engineering Bhd as well as Qi-PMC Sdn Bhd.
It was financed by CIMB which offered a three-year RM1.4 billion bridging loan.
What followed was a series of problems for APH soon after a launch, starting with a long-standing ownership battle in between KIC as well as Seaport Terminal (Johor) Sdn Bhd, a association tranquil by politically-connected aristocrat Syed Mokhtar Al-Bukhary (left), which additionally owns Tanjung Pelepas Port as well as Johor Port.According to Singaporean dailyThe Straits Times, KIC insisted which it is a legitimate developer of APH after it won a rights to lease a island in Jul 2005 from a Transport Ministry, while Seaport disputed a endowment upon a grounds which a ministry's move to lease a island to KIC violates an earlier privatisation agreement in between a association as well as a government.
To avoid matters worsening, a supervision interfered as well as dictated APH's shareholding structure, reducing KIC's interest to 40 percent as well as bringing in Seaport as well as Teori Selatan Sdn Bhd as a brand new shareholders.
Teori Selatan is a association owned by a then-Johor Crown Prince (now Johor Sultan) who later filed a caveat, temporarily halting primary functions after citing a unhappiness with a five percent stake. KIC managed to get a order carried after a spin of talks with Teori Selatan.
It was later reported which there were attempts by a cabinet to restructure a shareholding again among a 4 parties - KIC, Trek Perintis, Teori Selatan as well as Syed Mokhtar.
However, a check with a Companies Commission of Malaysia today reliable which a shareholding has been rolled behind to a primary theatre of KIC 90 percent as well as Trek Perintis 10 percent structure.
'Man-made island unsuitable'
In 2008, it was reported which plan costs rose from RM1.2 billion to RM2 billion due to material costs.
According to a report inThe Edgepublished upon August 9, 2011, a delays were mostly due to a need for redesigning after a dirt upon a island, which was mostly silt, was found to be unsuited for building structures.
"In a nutshell a island was not fit to be transformed into a inorganic substance hub," a newspaper quoted a source as saying.
The incident one after an additional to aggravate in 2011, call CIMB to place APH in receivership, not once but twice, in June 2011 as well as January this! year.
The hope which a CIMB-led restructuring which might bring in brand new shareholders as white knights dissolute when CIMB eventually decided to withdraw from a project.
The Edgereported in February this year which APH still owes CIMB RM840 million which was drawn down from a RM1.4 billion loan, as well as an additional RM370.8 million to Muhibbah Engineering, a public listed association which is a single of a pass subcontractors.
Muhibbah had upon Feb twenty-seven sued APH as well as handling executive ZAQ Construction for a superb payment.
Another subcontractor, Nam Fatt, had additionally taken legal movement opposite ZAQ Construction for an superb remuneration of RM39 million as well as RM66 million in compensation.
Umno's fingerprints
Merdeka Review pointed out which Trek Perintis, a shareholder of APH since a establishment, is an Umno-linked association tranquil by Abdul Azim Zabidi, a party's treasurer during Abdullah's tenure.!
ZAQ Construction, a categorical executive entrusted to discharge a building a whole functions to subcontractors, is owned by Zainal as well as Zamani Rafique, brothers to prominent lawyer Zul Rafique as well as former sovereign territories apportion Zulhasnan Rafique (left).Zul Rafique is a founding partner of law organisation Zul Rafique & Partners, as well as reportedly helped Prime Minister Najib Abdul Razak to restructure Umno's corporate assets after a latter took over a premiership as well as Umno presidency in April 2009.
The headlines portal additionally found which Qi-PMC, an additional subcontractor, shares a same shareholders with ZAQ Construction.
Another subcontractor, Kencana Petroleum, is a public listed association owned by Mokhzani Mahathir, a son of former prime apportion Dr Mahathir Mohamad.
Although a vital shareholders of KIC - Abdul Rashid Mohd Isa Al-Qadiry as well as Faidzan Hassan Al-Qadiry - have been relatively distanced from Umno, a charity substructure supported by a company, Al-wariseen Trust, has Abdullah as a titular patron as well as Umno Youth report chief Reezal Merican Naina Merican as truste! e.
With so most Umno-linked total involved, a single could not stop worrying which should a plan fail to spin around, taxpayers' money would be used to feet an additional multi-billion ringgit bill. Read More @ Source
More Barisan Nasional (BN) | Pakatan Rakyat (PR) | Sociopolitics Plus |
Courtesy of Bonology.com Politically Incorrect Buzz & Buzz
No comments:
Post a Comment