Is Kong Choy Talking Cock ?

Minister: PKFZ eyeing RM610mil investments

KUALA LUMPUR: Port Klang Free Zone (PKFZ) is in negotiation with 55 companies with RM610mil worth of investments, said Transport Minister Datuk Seri Chan Kong Choy.

“In future, we expect more investors to operate in the commercial and industrial free zone,” he told reporters after the opening of the 7th Annual World Free Zone Convention yesterday.

PKFZ chairman Datin Paduka O.C. Phang said of the 55 companies, PKFZ was confident of securing four investors with substantial investments by year-end.
Chan said PKFZ had to date secured 35 companies with total investments of RM725mil, which had created 851 job opportunities.

“I am happy PKFZ has shown good progress since it started operation in December last year.











Datuk Seri Chan Kong Choy (right) at the Convention. With him is World Free Zone Convention chairman Graham Mather

“PKFZ infrastructure is expected to be completed by mid next year and will offer about 20,000 jobs when it reaches full occupancy,” he said, adding that PKFZ's investment to date stood at about RM2.8bil.

Chan said as PKFZ would promote import and export activities, it would also enhance Port Klang's role as a national load centre and its competitiveness against other ports in the region.

Up to Oct 31 this year, PKFZ generated about 890 twenty-foot equivalent units (TEUs) from its import and export activities.
Last year, Port Klang recorded 6.3 million TEUs, taking 16th place in the world ports ranking in terms of container volume handled. This year, the port is on track to hit seven million TEUs by year-end.

Chan said the Government had set up PKFZ as the country's first integrated commercial and industrial free zone.
“Through PKFZ, we want to establish quality infrastructure with minimal regulations, tax and customs exemptions, strong export focus, large logistics and storage capabilities.
“The objective is to attract investors to the port area and create a self-sustaining critical mass, which in turn spurs further investments,” he said.

PKFZ has shown good progress ? What Rubbish is he talking ?


Malaysia port project sinks deeper into money woes – News Wires – CNBC.com

A scandal-plagued port project that has embarrassed the Malaysian government amid accusations of mismanagement is in worse financial trouble than thought, according to an auditor’s report released Thursday.

The Port Klang Free Zone — a 1,000-acre (400-hectare) industrial and trading hub that opened in November 2006 — has been a publicity nightmare for the government over the past two years after Malaysia’s main port authority incurred massive cost overruns to develop the project.

The government approved a loan in 2007 to rescue the Port Klang Authority from debts exceeding $1 billion, raising opposition allegations of corruption and a lack of transparency in government-linked projects.

The port authority might have problems paying the loan installments, which would result in additional interest and send the project’s bill soaring to 12.5 billion ringgit ($3.5 billion), according to a report by accountancy firm PriceWaterhouseCoopers, which was appointed in October to audit the project.
The project had originally been targeted to cost 1.8 billion ringgit, but the figure ballooned to 4.6 billion ringgit by the time it was ready to open, officials previously said.

The auditor’s report listed a wide range of missteps, saying there was “a general lack of board oversight and governance.” It also noted there could be “potential conflicts of interest” in company officials involved in land acquisitions for the project.

The debacle has led current Transport Minister Ong Tee Keat to promise recently that the government would act on the PWc report and to take action against anyone involved in any wrongdoing. Failing which would see the Opposition capitalizing on this issue and with constant whacking the MCA and BN on this issue until the next General Election which will be held sometime before 2013. Yes , Tee Keat has to act , otherwise MCA will become irrelevant in the eyes of the Chinese community and the Business community in the next GE .

Dozens of companies involved in manufacturing, trading and logistics have set up shop at the Klang zone. It is targeted mainly at investors from the Middle East, China, Japan and India.

Government bailouts of prominent companies occurred regularly in the 1990s, damaging public confidence in big state projects. The opposition blamed the bailouts on corruption and undisciplined spending.

Is Kong Choy the one who benefitted from Tiong King Sing's gracious Donations of 10 million ?