PKFZ should be able to go bankrupt next year

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According to MCA central committee member and Port Klang Authority (PKA) chairman Datuk Lee Hwa Beng, the Port Klang Free Zone (PKFZ) would go bankrupt sooner by next year if the mega project still fail to repay its loan granted by the finance ministry incorporated.

Datuk Lee said ever since PKFZ had commenced operations about three years ago, the project still failed to generate any substantial income as its free zone capacity had yet to be fully occupied because the occupation in the light industrial unit is only 50 percent, and the office lots is only about 5 percent occupied, while a hotel and a multi purpose international standard convention centre are yet to be fully operational. The rest of the facilities in PKFZ are also still largely empty and remain unoccupied.

According to Datuk Lee again, the cost of the project is expected to increase from the current RM1.96 billion to RM12 billion following the ineffective recovery of PKFZ.

The PKFZ scandal has been dragged for decades without any concrete or effective solution until last year where former MCA president Tun Dr Ling Liong Sik and former PKA general manager Datin Paduka OC Phang were jointly charged in the court for misappropriating the funds of the PKFZ project.

If PKFZ is still unable to survive by this year end, will this project become yet another white elephant? Will the BN federal government sell off this project to a private entity? Just look at how much public funds has been wasted on this project which serves no benefit to our people at all.

All those real and actual culprits in Umno who had fully benefited from this project just walked away freely like that, while Dr Ling and Datin Phang were made scapegoats.

Thanks to yet another 1Malaysia effort, PKFZ should be able to go bankrupt by 2012.

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