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Government Policy >>>

sPICE is another BN project under PR

Posted by nkkhoo on 29th September, 2011
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Anil Netto published a detailed transcript on grilling session against MPPP chairman and state exco in a press conference.

Lim Guan Eng is again hiding behind his own subordinates when it comes to grilling session.

All right-minded people will shake their heads in disbelief after reading through the transcript. The whole tender process is scandalous with no business feasibility study by a qualified party.

Pico and Taman Kasturi may be RM2 companies set up by the same developer or associated parties to make up three bidders.

PR is slightly better than BN on its “openness” to be grilled unlike BN who is running a snake oil black box tender for its cronies.

If LGE wants to be different than BN, it’s better for him to re-visit LKY for a lecture on how to run a transparent and clean government.

In short, sPICE is another BN project under PR.

In a simple mathematic formula, PR = BN.

Category: Government Policy, PR White Elephant | Tags: | 29/09/2011
Political Party >>>

There is no government more stupid than Penang PR government..why?

Posted by nkkhoo on 28th September, 2011
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The DAP exco claimed state government gains RM200 million asset from the sPICE project.

I figure out how they came out such a silly argument, SP Setia invests RM250 million for sPICE and MPPP gives RM50 million free money. According to the “smartest” DAP politician, net asset gain for the state government is RM200 million. (250 minus 50 million).

By this DAP logic, all assets invested in Penang are owned by the state government although the profits earned never reach the MPPP and state government.

How on earth you call something as your asset if you are not the shareholder?

In reality, the state government only receive an old exhibition mall after 30 year later. By the normal accounting standard, the value of the building is ZERO. It’s a liability, not asset for state government!

Do you want this kind of DAP politicians to run your government?

Basically, Penangites (and other Malaysians from other states) have no choice because PR politicians are slightly less stupid than BN politicians.

Report lodged with MACC on ‘lopsided’ sPICE deal

GEORGE TOWN: Penang Barisan Nasional has lodged a report with the Malaysian Anti-Corruption Commission (MACC) alleging irregularities in the proposed RM300mil subterranean Penang [...]

Category: Political Party, PR White Elephant | Tags: , | 28/09/2011
Corruption & Cronyism >>>

What went wrong in sPICE under Penang PR government?

Posted by nkkhoo on 21st September, 2011
One comment - (Comments are closed)

Corruption, Arrogance, Talking.

There are two areas we have to examine, business ROI (return on investment) and legal implication.

Business ROI for sPICE Exhibition Hall is viable?

Hong Kong tycoon Superman Li Ka Shing invested more than USD 1 billion in Singapore Suntec convention center without getting a single penny free money from the Singapore government.

How on earth he can make money from the Suntec?

For exhibition hall operator, the sources of income are more than exhibition hall rental fees.

- Be an expo organizer – Be a hotel provider (SP Setia has do so) – Be a sport event organizer – Rent out office space – Rent out retail space

With the right business strategy and clean and efficient government, Suntec Convention Center occupation rate is almost 100% all year round.

With all income sources explored, a smart investor will still able to achieve ROI payback for sPICE in seven to ten years, a normal period for such MICE project.

RM750 million in profit is derived from 1500 extra units from higher density on land utilization. But the local Penangites have to bear and suffer for more air and water pollution, congested traffic, crowded schools, stretched out [...]

Category: Corruption & Cronyism, PR White Elephant | Tags: | 21/09/2011
PR White Elephant >>>

PR White Elephant Project # 2: sPICE Exhibition Center, Penang.

Posted by nkkhoo on 8th September, 2011
16 comments - (Comments are closed)

The side concessions unrelated to sPICE defy the normal business practice, and this sPICE contract is scandalous as Plus Highway and IPP agreements.

Latest news break is the contract was never approved by the MPPP full council meeting. I am not a legal expert, no sure this contract is still valid or not.

My high expectation on PR is being a better and cleaner government than BN is totally shattered to pieces after sPICE contract was sealed without following CAT.

I hope Tony Phua as DAP Economist should come forward to explain this sPICE matter to public members. I believe he will shake his head in disbelief behind his party boss.

I repost several legitimate questions from Anil Netto,

- Have all MPPP councillors been given a copy of the agreement? Chinese press reports suggest rumblings of discontent among MPPP councillors.

- Was there a MPPP full council meeting to approve the agreement and the RM50m cost (to be absorbed by the MPPP) before the agreement was signed by the MPPP and SP Setia? When was the MPPP budget for this approved?

- Is the traffic impact assessment for ‘academic purposes’ only? Why no social impact assessment?

- Is [...]

Category: PR White Elephant | Tags: | 08/09/2011
Government Policy >>>

LGE was lying in sPICE project costing justification

Posted by nkkhoo on 22nd January, 2011
4 comments - (Comments are closed)

LGE said the council (MPPP) will save RM25 million in upgrading Pisa and the Aquatics Centre and it will also receive RM13.5 million from the sale of the hotel land. Thus the MPPP would only have to stump up RM11.5 million instead of RM50 million.

LGE was tried hard to twist and juggle the number. To claim state government only need to come out RM 11.5 million is a fallacy and misleading statement.

Why?

LGE’s argument on MPPP can save RM25 million for initial capital outlay for the repair of swimming pool and aquatics center, etc. is WRONG.

Actually SP Setia is paying MPPP RM25 million in exchange for 30-year leasehold rights, meaning the state government is losing all opportunity incomes generated from the aquatics center and swimming pool which may be higher or lower than RM25 million.

In other word, MPPP is paying SP Setia with future income, therefore he cannot claim RM25 million is a gain.

Similarly for the land, MPPP is losing a piece of land worth RM13.5 in exchange for RM13.5 million cash which is used by MPPP as sPICE initial capital. There is no gain in this case, the net income for MPPP is [...]

Category: Government Policy | Tags: , | 22/01/2011