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Dana Johor under JCorp was incurred heavy losses, and non-bumi investors have to bear for the brunt of mismanagement and corruption by Johor state government.
JCorp has about RM6.6bil in outstanding debt, I doubt JCorp can survive without the bailout from public fund.
I hope Johor Sultan intervenes on this non-political, but the financial heavy losses issue and asks for accountability from the Johor Menteri Besar, Abdul Ghani.
JCorp outstanding debt : RM 6600 million
Number of BN White Elephant Project monitored : 5
Total accumulated cost or losses: RM 13984 million.
JCorp to raise RM2.5bil
By RISEN JAYASEELAN
It plans to issue bonds to refinance debt due by the middle of next year
PETALING JAYA: Johor Corp (JCorp) plans to issue up to RM2.5bil in bonds in a move to refinance its debt that will be due by the middle of next year, reliable banking sources said.
“The bond issuance will refinance the bulk of debt that is coming due next year, meaning that JCorp may not need to carry out any big asset sale soon although there is still a small shortfall,” one banker said.
JCorp has about RM6.6bil in outstanding debt, out of which RM3.6bil is due to be repaid by July 2012.
Continue reading >> BN White Elephant Project #5 :: RM6.6 billion debt by JCorp
BN is abusing our rakyat money to install BN Penghulu and new village heads after they lost in five states to PR.
Penghulu and new village heads used to be appointed by state government, and with the Federal Village Security and Development Committee (JKKP) scheme under the Federal government after 308 political tsunami, two penghulu and two new village heads are found in the suburban and rural areas in Kedah, Penang, Kelantan and Selangor.
RM 156 million annual budget allocated for the duplicated penghulu and new village head is a total waste and abuse of public funds for BN component parties.
Public fund for duplicated village heads in PR states : RM 156 million
Number of BN White Elephant Project monitored : 4
Total accumulated cost or losses: RM 7384 million.
According to FMT, Syed Mokhtar al-Bukhary won an RM58 million purchase bid for the 3.08 acre land.
Wait a minute, only a man biting a dog is a news, what the heck I am talking about this business deal?
The Ministry of Finance (MoF) awarded the land to Konsortium Jentera Sdn Bhd/Nusantara Sdn Bhd, owned by UMNO crony despite there being a second company which submitted a higher bid of RM88 million.
Why a lower bidder with less than RM30 million than RM88 million higher bid was awarded?
Public fund losses by MOF : RM 30 million
Number of BN White Elephant Project monitored : 3
Total accumulated cost or losses: RM 7228 million.
1Malaysia = Kroni didahulukan, Rakyat dibelakangkan!
Government departments spend RM6 billion each year on all sorts of luxurious and wasteful launching ceremonies and official functions in the 5-star hotels, resorts, and other expensive bontique venues.
When Selangor PR spent 1 million for PKNS annual dinner, it was a political bombshell. And yet Malaysia mainstream newspapers again conveniently sidelined and hided the RM6 billion entertainment budget for the Federal government from the public knowledge.
Government departments can launch whatever public events in their sophisticated offices, and a plate of nasi lemak and a cup of Chinese tea are good enough for their guests and reporters.
The budget should not more than RM100 million for this kind of wasteful non-value added activities, yet they spend 6 billion each year like burning incense money.
Annual expenditure for wasteful functions: RM 6000 million
Total BN white elephant project monitored: 2
Accumulated cost: RM 7198 million.
1Malaysia = Rakyat diabaikan, Kakitangan kerajaan diutamakan.
This is a new series of archiving all white elephant projects by BN and PR governments and GLCs.
Prince Court Medical Centre under Petronas was losing RM 654 million for last two years. The high-end private hospital was built at the cost of RM 544 million in 2007.
Accumulated cost: RM 1198 million.
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