KUALA LUMPUR (Sept 4, 2007): The Transport Ministry did not issue any Letter of Guarantee for the issuance of bonds for the development of the 1,000-acre Port Klang Free Zone (PKFZ).
"It was only a letter of support to the Malaysian Rating Agency (MRA) which only states that it will ensure payment would be made ... it was not a letter of guarantee," said Deputy Finance Minister Datuk Dr Awang Adek Hussin.
He said the MRA then dealt the matter with a special purpose vehicle (SPV) to be established as Kuala Dimensi Sdn Bhd for the issuance of RM3.8 billion worth of bonds for the company," he added.
He also said the soft loan to the Port Klang Authority for the seven-year period would be at 4% interest rate. The relevant parties are still working out other details of the soft loan.
"This is not a bailout. It is a money making venture," he stressed.
"I am confident that the Cabinet did not decide (the decision) based on the interest on any company or individual but based on the interest of the people. It was a wise decision at that moment," said Awang Adek.
This was picked from The Sun article today relating to the Port Klang Free Trade Zone that has been grazing our main tablots for the past couple of weeks. This is probably the cause of our Transport Minister sudden health complications and currently out of country for treament.
I read the above article and i went "Wah Pia eh! "It was a wise decision at THAT MOMENT means what?". Meaning at that point of time in one of those expensive kopi meeting you guys have, it was a good decision la! After the kopi meeting when you all go back to your mistress house after a shag and a fag, you went like "Actually hor...." is it?
What kind of ministers do we have? The same goes to the Proton case where Proton sold MV Augusta Motors for EUR1 after purchasing it for EUR70 Million. Our beloved Prime Minister, explained that "at the moment when the sale of the entity took place, Proton could not afford to provide continued financial assistance to MVAM". Therefore, "the sale was implemented was the right option in the interest of the company (Proton)'s interest and business"
I solute our Gavment man.
In laymens term, what had transpired in the government is quite similar to our day-to-day life;
Ah Chai : Eh... Wah, nice watch hor! Must be expensive!
Abdul : No la.. Very cheap only! I cledit kad and buy! Can pay for the next 5 years!
Raju : Wah.. then the interest must be very high?
Abdul : NOOOO la! Where got...! The bank not intelested in my watch one la!
Ah Chai : Kaninah.. Abdul, interest la. You know when you use your credit card you have to pay interest ma...
Abdul : Apa tu????
Raju : Dey, You think the bank will give you so much money to buy the watch without making a profit nah!
Abdul : I Bumi ma! Sure la!
Ah Chai : Wah pia eh! If you watch is RM5000 hor, you pay additional RM900 per year! At the end of your 5 years you could almost get 2 of these man!
Abdul : Ya Illah Ibrahim, betul ke ni?
Raju : Ah bu then..!
Abdul : Shit la! Better sell now, if not i cannot afford my Mat Rempit night life.
-------- One Week Later ---------
Ah Chai : Eh.. Abdul! Your watch how la!
Abdul : Eh.. relax bruder, i dah jual.
Raju : How much?
Abdul : RM10.
Ah Chai and Raju: HAH!!!!! WHY LA!
Abdul : If not macam mana, like you said i may end up paying twice as much!
Ah Chai : Nyah ma! But you still don't have to sell at RM1 kan..! Got market value one ma!
Abdul : Takpe la, AT THAT MOMENT, IT WAS THE RIGHT DECISION.
Ah Chai and Raju: Sounds familiar ni...???
-end-
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