Categories

Login

BN White Elephant >>>

BN White Elephant #7 :: Another rape on Malaysia with another IPP contract to Syed Mokhtar

RM8 billion gas subsidy to IPPs is wasted because our household electricity tariff is still higher than Thailand where no subsidy is provided.

About RM2-3 billion go into the bank account for IPPs and the balance 5-6 billion are burned as CO2 to maintain 40% excess capacity.

We Chinese only burn paper incense money for our ancestors, but BN government under UMNO goons burns our REAL money for enriching their cronies.

UMNO goons are very smart, they legalize their corruption by burning your money through rent-seeking practice.

If UMNO goons take RM3 billion as theirs, we Malaysians still can save 5 billion rather than wasted it as C02 (in the form of no utilized electricity generated by both IPPs and Tenaga).

This RM5 billion can subsidize every Malaysian with RM180 food coupon, but BN burns it down for nothing except more air pollution.

There is no government in the world goes to such extreme to burn money in order to bleach its corruption practices except the UMNO-led BN government.

Number of BN White Elephant Project monitored : 7

Gas subsidy for IPPs : RM 8 billion each year

Total accumulated cost or losses (for a single year): RM 22078 million OR RM 22.078 billion

Pakatan cries foul over sweetheart IPP deal for Syed Mokhtar

By Shannon Teoh
October 18, 2011

KUALA LUMPUR, Oct 18 — The federal opposition accused the government today of signing a blank cheque for Tan Sri Syed Mokhtar al-Bukhary with the award of an independent power producer (IPP) deal without first agreeing to tariff rates and the length of the concession.

The Energy, Green Technology and Water Ministry said in a written reply to a parliamentary question yesterday that the 1,000-megawatt plant in Tanjung Bin, Johor has been awarded to Tanjung Bin Power, a subsidiary of Malakoff Berhad.

But the government’s reply to Petaling Jaya Utara MP Tony Pua also said that the Energy Commission will only finalise the power purchase agreement with the company controlled by Malaysia’s richest Bumiputera at the end of the year.

Pakatan Rakyat (PR) lawmakers told a press conference that the deal awarded after a limited tender between two bidders “is scandalous, if not criminal.”

“You cannot avoid the perception that the government is signing a blank cheque to Syed Mokhtar (picture) to fund the war chest ahead of elections,” PAS research chief Dzulkefly Ahmad told The Malaysian Insider.

“How do you decide if you do not know the price in advance? It is not surprising that electricity prices remain high despite the RM8 billion gas subsidy IPPs receive every year,” Pua, who is also DAP publicity chief, told reporters.

Pua compared Malaysia, which supplies gas to IPPs at RM13.70 per million metric British thermal units (mmBtu) but charges consumers RM157.20 for each 500 kilowatts used per month, to Thailand where gas is supplied at RM23.10 per mmBtu but households are charged RM129.50 for using the same amount of electricity.

Putrajaya had in June raised electricity prices by an average 7.12 per cent in an effort to trim its burgeoning subsidy bill, but promised the hike will not affect some 75 per cent of domestic consumers.

But public anger ahead of an expected general election has been fuelled by rising cost of living as inflation has persisted at over 3 per cent since March, a two-year high.

The government has said that despite tariff hikes, it will still spend some RM26 billion to subsidise the gas bill this year.

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

Syed Mokhtar now got 4G lesen without having to bid for it!

nkkhoo says:

The bidding is for show only. Non-UMNO cronies will be kicked out no matter how high the bidding price.

Farid says:

When you buy books at MPH, you are actually supporting Syed Mokhtar. Go to Popular instead.

Sharon says:

Syed Mokhtar’s monopoly is highlighted in this ceramah:

http://www.youtube.com/watch?v=rknKNNFHl3g&feature=player_embedded

bhaskar says:

got English version or not?

jeff says:

The chief Umno crony, Syed Mokhtar Al-Bukhary – a good friend of Tun Dr Mahathir Mohamad and Muhyiddin Yassin – today owns and controls a litany of companies including MMC, DRB Hicom, Proton, Malakoff, Johor Port, Senai Airport, Port of Tanjong Pelepas, Bank Muamalat, Padiberas Nasional, CSR Sugar, Gardenia, MPH Bookstores and Penang Port

This same man is now eyeing RTM, KTMB and Bank Islam.

This wealthy Malay became a billionaire because he worked hard to become a super-crony of Mahathir and Muhyiddin. Almost all his wealth was handed to him on a gold plate

史蒂芬 says:

赛莫达公司债务高达343亿令吉,占据全国企业债务10%的事宜,比当年破产的玲珑集团(Renong Group)的200亿令吉来得庞大,或将对我国金融体系构成危机。

赛莫达一人就主政了至少9家大集团 (Satu orang Sapu malaysia?):

1. 马矿业集团执行主席(Malaysia Mining Corporation Bhd)

2. 国企贸易有限公司主席(Pernas Bhd)

3. 贸易风集团执行主席(Tradewinds Bhd)

4. 马拉科有限公司主席(Malakoff Bhd)

5. 国家稻米有限公司执行主席(Bernas Bhd)

6. 多元资源工艺有限公司执行主席((DRB-Hicom Bhd)

7. 国家汽车工业有限公司执行主席(Proton Bhd)

8. 柔佛港口有限公司(Johor Port Bhd)

9. Bank Muammalat Bhd主席

过去几十年来,巫统就是这样假借扶持土著企业家之名,通过代理人大刮人民的钱,出了问题还要人民埋单。你说,这个政府能不换吗?

綠秋 says:

丹斯里賽莫達集團的總債務已經高達343億令吉,超過全國企業債務的10%,因此政府應給予關注,以免在金融風暴發生時導致骨牌效應。

賽末達公司的債務佔了國家銀行的10%,即343億令吉,有關數據是調查和分析賽莫達公司的年度財政報告後所得,一切資料是從很公開的管道所得,並非匿名者提供的告密信。

以1998年金融風暴為例,一家與巫統有關的公司玲瓏,就因為欠下巨額佔整個銀行總貸款的7%,而在這種情況下倒閉。若政府不處理,賽莫達的企業最終因為危機而還不了債,而要政府的拯救。

Manja says:

Rakyat Malaysia patut mempersoalkan tindakan Kerajaan Pusat memberikan kontrak penswastaan jutaan ringgit kepada jutawan Tan Sri Syed Mokhtar al-Bukhary.

Malanya Umno lebih mementingkan kroni berbanding memperbaiki kehidupan rakyat khususnya golongan berpendapatan rendah.

Hairan sekali kenapa tak ada usahawan bumuputera yang lain berkaliber melainkan Si Syed Mokhtar yang telah diberi segala kontrak penswastaan?

Kenapa Si Syed Mokhtar yang banyak berhutang diberi jaminan oleh BN? Saya takut rakyat yang akan menanggung kesusahan kalau kes Renong berulang lagi!

Sadako says:

Syed Mokhtar is now eying KTM!

How can we be sure that public funds are not used to bail out Syed Mokhtar Al-Bukhary if he is unable to settle his RM34.3 billion debt accumulated in building his business empire?

Remember those corporate debt that had contributed to the stock-market crash during the Asian financial crisis in 1998, including the RM20 billion debts accumulated by Renong Bhd?

Jess Hong says:

CSL in Debate 2.0 supported piratisation of Penang Port to Bukhary.
Shame on you, CSL!

MayDay says:

赛莫达: 一转手随意起价,亏本人民承担,赚钱自己人分享!!!

不因为他是马来企业家,而是他带来龙大的债务带给国家经济压力和人民的负担,敦林良实若有罪,同样必须接受法律制裁。

赛莫达公司欠债343亿,潘俭伟忧重蹈玲珑覆辙!

土著企业家赛莫达旗下公司欠债马币343亿元,远远超过98年亚洲金融风暴垮台的巫统朋党公司玲珑集团。民主行动党宣传主任潘俭伟要政府解释会否采取任何防范措施,以避免政府拯救玲珑集团的历史重演。

在1998年的亚洲金融风暴中,巫统朋党公司玲珑集团(Renong Group)应声倒下,而该集团当时身负200亿元债务,或相等于当时银行系统所有债务的7%。

由于玲珑集团超额的债务,最终只能宣布破拆,导致投资者蒙受数百万损失,影响股市指数且需要100亿元拯救(bailout)。玲珑集团是其中一个国阵政府偏好的公司,在多家大道公司、产业、通讯公司拥有股权。

赛莫达帝国的旗舰集团MMC机构目前是大马最大的借贷者,负债近200亿令。这家集团业务横跨三大领域,包括交通物流、能源与公用事业,以及工程和建筑领域,主要资产包括柔州丹绒柏勒巴斯港、柔佛港口、士乃机场、独立发电厂、双轨电动火车工程、柔州的水务公司,就连号称大马有史以来规模最庞大的基建工程――吉隆坡捷运,也有该集团的一份,它受委为项目交付伙伴。

该集团之前攫获的政府资产和工程如港口、发电计划.

证据:http://www.merdekareview.com/news_v2.php?n=25344

Ron says:

MACC had hastily concluded that “no graft or abuse of power was involved, merely non-compliance of ministry of finance guidelines and governmental tendering procedures”. It is obvious that MACC had chickened out and meekly passed the “hot potato” back to the Marine Park Department, proposing that the department take disciplinary action against the errand officers and blacklist the relevant suppliers. The conclusion made by MACC is a huge disservice to taxpayers and there is an overwhelming sense of disappointment all around.

nkkhoo says:

MACC is more corrupt.

Yahya says:

True story of nepotism here:

How Petronas made the son of ex-PM super-filthy rich!

http://hornbillunleashed.wordpress.com/2011/10/27/24781/

Ali Setan says:

The AG’s Report showed that the National Feedlot Centre (NFC) set up in 2008 in Gemas, Negri Sembilan failed to hit its target of breeding 8,000 cattle last year. A RM73.64 million government project — linked to minister Datuk Seri Shahrizat Abdul Jalil’s family — to create Malaysia’s “Beef Valley” has turned into a mess.

Another example of Umno crony getting government contract with funding but no accountability when project failed.

Ali Setan says:

Final overall analysis shows that the BN Government is inefficient. The Auditor need not make excuses for the overspending many of which were unauthorised.

How many of the projects were given to Ali Babas?
Why MACC (who also spent 0.7% more) is quiet on this matter?

giatmarah says:

MACC is useless may be becos they are involved too

Zamri says:

nkkhoo,
Any comment on these questions posted in an article is a popular internet news?

Is Muhyiddin’s son-in-law the mover behind the billion ringgit biometric scanning project? Why was this project pushed through without a back up system?

Is it true that Prime Minister Najib Razak was against the biometric project and that it was rushed through when the PM was away?

Was there an open tender for this project or was it a sweetheart deal?

Is it true that Muhyiddin is marshalling his forces to move against Najib? Is the relationship between their wives very bad?

nkkhoo says:

You can be sued for defamation if no evidence to support such claims. My blog is using real time, I better not to say anything about these accusations.

Syifa says:

This is the classic cronyism at work. BN government awarding a concession contract to one of Ex PM’s close confidant . Guess what? It’s using all RAKYAT’s MONEY!!!! Gas subsidies that the government is footing for the loopsided IPP contracts are Tax payer’s money. Guess who ended up paying for the high price of energy tariff that TNB is paying to IPP? The rakyat. And who is backing TNB when it’s losing money??? It’s EPF which is also rakyat’s money.

Can’t you all see that its a vicious cycle which end up the Rakyat being the greatest losers!!! This govt is reaping it’s own rakyat off in the name of progress and development. It’s not too late to reverse all this by voting them out in the next General Election

Gambit says:

Since BN took power on February 6, 2009 until July this year, the Perak mentri besar alienated nearly 28,000 hectares of land for just over RM150 million.

Gambit says:

RM2 cannot buy you even one lunch under the 1Malaysia Lunch scheme.

But the RM2 Najcom Sdn Bhd (umnoputera) was awarded RM700 million contract by BN to build hospital kanak-kanak?

Dabangg of Muar says:

3rd force could be even worse as these are political discards waiting in ambush for quick get rich schemes !!!

Dabangg of Muar says:

rotten to the core no wonder the country can go bankrupt in a matter of years !

mca mic cronies sent their children overseas leaving suckers like us facing the doom !!!!

i’m thinking of working in overseas — sorry 1malaysia

how about you – no problem lah as your rich chinaman friend can outsource some of his RM20K/mth job to you (i mean in good faith as you can deliver)

nkkhoo says:

My rich friend is running for more than RM100 million business. RM20,000 per month free money is just his pocket money, and any trained monkey can do the job. You will be crying and cursing if I tell you what is the job nature.

Anyway he was cheated by another UMNOPutera for RM300,000, and he did not blink his eyebrow at all for such “a small amount.”

Mariam M says:

This is the very reason why some people despise Penang’s CAT system that would not allow such ali-baba practices.

nkkhoo says:

Penang CAT is a fake CAT, sPICE is a good example.

MPPP subsisizes RM100 million ++ for sPICE in return for zero share ownership.

This even worst than BN cronyism.

Gambit says:

You need privitat enterprise to jointy develop Penang when federal fund is not coming in. I see nothing wrong with that as it is already transparently disclose the cost of project. It is a small price to pay as no one will do development for free. Only those former bn ali-baba contractors and their chinese partners are crying foul, and resorting to twisted facts to confuse rakyat outside Penang.

nkkhoo says:

Penang NGOs are not stupid donkeys. They all have jointly opposed sPICE for selling off Penang by LGE.

Singapore also needs private enterprise for everything like Penang, LKY had never submitted to giving away a single cent of public money in exchange for an investment in Singapore.

Open up a signed contract and disclose its cost for you to read and know is not transparency. MPPP council members were in dark over the deal. More insults is MPPP council members were asked to read the sealed contract in the Komtar by MPPP President.

The whole tender process must be transparent and its ROI and EIA properly studied and evaluated, not just telling the taxpayers the contract is signed, and then ask you to read it for fun.

Go learn what is transparency first before you are showing your stupidity as BN goons.

LGE is a hypocrite and politikus, he will be remembered as Taiwan Ah Pien, not Singapore LKY.

Dabangg of Muar says:

my Kedah buddy told me that Syed Mokhtar was just a clerk in early 70’s. Must have been groomed by M to operate in the current manner enriching the machinery !

nkkhoo says:

Under the UMNO Alibaba crony system, those Malays got the government projects do not need to worry about project implementation and completion, just outsource them to Chinese contractors will do.

My super rich friend still get paid for RM20,000 a month for a very simple job outsourced to him. His brother spent less than 20 hour in a month to do the routine inspection. (I keep the project nature in secret for not ruining his free income!)

He raked in more than RM2 million free money from BN government for this dirt simple job outsourced to him by an UMNOPutera.

胡新平 says:

Got such bisnes lobang pls share-lah!

Manja says:

First you must be MCA member!

Daryl says:

your friend is sadly supporting a corrupted system.
good that you stay out of such corrupted practice.
otherwise you cakap tak serupa bikin.

nkkhoo says:

He supported PR in last GE because he knows corrupt system is bad too.

He is no longer to depend on government projects to thrive now. A few thousand of people are depending on his legal housing project business for food.

I will not open this blog if I were a part of BN corrupt system.

Gambit says:

We all know that Syed Mokhtar is an umno agent.
Give contracts to him so that money can funnel back to umno (to be seen as legal), especially election time to pay out those warlords in the various bahagian to ensure umno’s victory.

Syifa says:

The IPP concept in itself is not wrong.

It is the abuse of the IPP system that is costing Malaysia dearly.

The idea behind letting private business generating electricity came about with the assumption that the private sector is (almost) always more efficient than the government linked company.

But in the case of Malaysia, however, it’s the abuse of the IPP setup that resulted in the multi-BILLION subsidies.

The report of sheer inefficiencies of Malaysia’s IPPs is very true.

Of all the IPP – only Genting does not use gas to generate electricity. They use hydro-power.

Of all the rest, only YTL’s electricity power plant is efficient.

For every 100 unit of natural gas used, YTL’s power plant can generate 50 to 75% more electricity than the other IPP power plant.

The Singapore power plant that sells electricity to Tenaga belongs to YTL, and it uses the same configuration as the YTL plant in Malaysia.

The fact that YTL’s SIngapore power plant can sell Tenaga electricity so cheaply (without getting any subsidized gas) testifies to the efficiency of YTL’s power plants, both in Malaysia and in Singapore.

Unfortunately, TDM has opted to give IPP business to UMNO cronies, that use very wasteful technologies.

nkkhoo says:

My neighbor’s buddy is a senior manager for YTL. YTK retained him even he already reached the retirement age. His share option is very lucrative.