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BN government is notorious in screw up mega projects

More mega projects launch by BN government, more suffering will incur on rakyats at the end.

I say this is based on past historical records. See the long list of failed mega projects borne by us, taxpayers. In other hand, those making money mega projects through subsidy and one-sided agreement are all grasped and owned by UMNO cronies.

The list of failed mega projects under the BN government.

– Perwaja

– Port Klang Free Zone

– MAS, all fixed assets losses absorbed with taxpayer’s money.

– Bukit Jalil stadium white elephant.

– Putrajaya International Convention Center. It may take 300 years to break even.

– Bakun hydro project.

– Proton, government fund was injected to make its account looks black.

The list of making money mega projects.

– Independent Power Plant. They make money due to heavy subsidy from the government.

– Plus Highway. Any losses will be borne by taxpayer’s money.

There is a long list of mega projects with losses archived in the Cari Chinese forum.

http://cforum1.cari.com.my/viewthread.php?tid=1976852&extra=page%3D19

The grand sum involved in these mega projects is RM 574 billion and all these projects are deemed failure in ROI and public accountability.

We locked up RM574 billion in these failed projects instead of generating income. Let say we assume 10% ROI, Malaysia is losing RM57.4 billion opportunity income each year.

Malaysia GDP should be doubled up than present USD7000 if RM574 billion was invested wisely.

19 new projects worth RM67bil under ETP’s second phase (Updated)

By DHARMENDER SINGH, FLORENCE A. SAMY and TEH ENG HOCK

PUTRAJAYA: Another 19 entry-point projects (EPPs) worth RM67bil in investment were announced Tuesday as part of the Economic Transformation Programme (ETP).

Prime Minister Datuk Seri Najib Tun Razak said the projects from 10 National Key Economic Areas (NKEAs) would generate RM36bil in gross national income and create 35,000 new jobs.

“As we approach the first 100 days after the launch (of the ETP), I am pleased to announce 19 more EPPs and developments,” he said at the Third ETP update at his office here.

Najib noted that the impact of the ETP was clear, as seen in the performance of Bursa Malaysia which closed on a high of 1,572.21 points on Jan 7.

In October last year, Najib announced the first 18 EPPs under the ETP. The ETP, which forms part of the New Economic Model roadmap, will transform Malaysia into a high-income, inclusive and sustainable nation.

The roadmap aims to raise the living standard and quality of life of the people to a higher level.

It was announced earlier that the ETP had identified 131 Entry Point Projects and 60 business opportunities that will help the country achieve its high-income nation status by 2020.

Four of the EPPs are under the Oil, Gas and Energy NKEA, three under Business Services, three under Greater Kuala Lumpur, two under Healthcare, two under Tourism, and one each under Education, Agriculture, Wholesale and Retail, Communications Content and Infrastructure, and Electrical and Electronics.

Najib also announced the formation of the Malaysia Nuclear Power Corporation, which would be led by CEO Dr Mohd Zamzam Jaafar.

“The Government is studying the possibility of deploying nuclear energy to meet future demand and diversify the energy mix for Peninsular Malaysia.

“Dr Mohd Zamzam will lead the planning, based on the current development timeline of 11 to 12 years, from pre-project to commissioning,” Najib he said.

The nkkhoo.com comment board with Facebook account.
Yahya says:

Latest update on Bakun:

Bakun dam turning into a white elephant?
—————————————
(BAKUN DAM, Sarawak) The first turbine is spinning, electricity is pulsing out and the water level is climbing in the Borneo jungle behind Malaysia’s huge US$2.2 billion Bakun hydroelectric dam.

Hit by ‘graft’: Questions continue to swirl around the viability of Bakun dam, a project described by critics as a graft-plagued human and ecological disaster

But questions continue to swirl around the viability of a project described by critics as a graft-plagued human and ecological disaster – and as opposition mounts against a dozen other planned dams in Sarawak state.

The first turbine from French giant Alstom began producing electricity in August and the dam’s reservoir in the Malaysian portion of Borneo island has swelled to the size of Singapore since impoundment began a year ago.

After years of warnings about the impact on Sarawak’s pristine jungles and the forced removal of thousands of local tribespeople, the dam’s head, Zulkifle Osman, sees light at the end of the tunnel.

During a tour of the facility, the managing director of Sarawak Hidro who has overseen construction since 2000 defended the dam despite an electricity surplus in the state and the lack of a market for its power.

‘It is a chicken-and-egg game,’ Mr Zulkifle told AFP. ‘I am confident there will be a lot of demand for electricity in Sarawak.’

But dam opponents say the situation confirms warnings about Bakun as an ill-planned and unnecessary boondoggle.

The project was first approved in 1986 under then-premier Mahathir Mohamad as a cheap electricity source for more-developed peninsular Malaysia even though the country is a net oil and natural gas exporter.

But in a 2005 report, anti-graft watchdog Transparency International termed the dam one of the world’s ‘Monuments of Corruption’, citing years of delays, ownership changes and overall costs that more than doubled.

‘No users have made any legal written commitment for the usage of the energy,’ said Elli Luhat, a former Sarawak forestry official, now an environmental activist.

Mr Zulkifle denied the corruption allegations. ‘All the money that is paid is audited,’ he said.

Tribal residents say warnings about the dam’s ecological and human impact are coming true.

Residents living in the shadow of the dam say the river’s biodiversity has degenerated, fish catches have plunged and once- clean waters smell foul and are unsafe to drink. Silting has occurred, inhibiting navigation in the river, natives say.

They enjoy amenities unknown when they dwelt in the forest – piped water, electricity, schools, Internet access and health services.

But the tribes, who previously grew rice and bananas and hunted wild boar, say their new land is infertile. Age-old hunting grounds are submerged and they must purchase staple foods.

Sarawak is rich in natural resources but poverty is rampant. Its leaders are keen to diversify from mining, agriculture and forestry and into high-tech industries and say ample power sources are needed to lure foreign investment.

The dam was meant to help cut Malaysia’s dependence on oil and gas for electricity generation. Up to 90 per cent of output was to be sent to more industrialised peninsular Malaysia via undersea cables.

But economic downturns over the years forced protracted construction delays and shuffling of contractors, and the cable plan was shelved on cost concerns.

Then-finance minister Anwar Ibrahim suspended the Bakun dam and other big schemes in 1998 amid a regional financial crisis.

It was revived in 1999 after Anwar was ousted, with Sarawak Hidro acquiring the project from original private Malaysian developer Ekran.

Despite the Bakun controversy, the state has plans for a dozen more dams, angering local tribes.

There are about 200 cases in Malaysian courts brought by indigenous people fighting state acquisition of their land for dams, timber concessions or other developments. — AFP