Tag: YTL

The recent hike in toll prices have riled users up, including those who have no qualms about spending RM13.80 on a packet of Dunhill cigarettes daily; queued 30 hours for an iPhone 6s rose/gold version; and spend a ridiculous amount of money for Starbucks’s Macchiato Frap.

And they blame Najib for the increase on toll rates.

Virtually all the concessions agreement were signed during Mahathir’s time, and for some like the Maju Expressway, built by Abu Sahid, a good friend of Muhyiddin and crony of Mahathir, and the Senai Desaru Highway built by Ranhill’s Hamdan Mihamad were built in 2004. Both had their concession agreement signed before Mahathir stepped down. The Senai Desaru Highway had its Development Order signed in the late 1990s.

PLUS’s North South highway was built initialy by the government via Lembaga Lebuhraya Malaysia. Planned during Tun Hussein Onn’s time in 1977, it began construction in 1980, a year before Mahathir became the PM.

Between 1980 and 1985, the LLM built 366km or 41% of the proposed 823km of the highway at a cost of RM3.2 billion borne by the government.

  
In 1986, the whole project was transferred  to UMNO-crony, Halim Saad’s UEM, despite being the most expensive bidder and having had no experience whatsoever in constructing highways.

  
In the end the highway was delivered two years late and the government then had to finance half of the RM3.5 billion budget.

Yes, our money for half of that RM3.5 billion budget. In fact, it was RM1.65 billion.

If you think that that was a bad deal, try swallowing this: we also now have to pay 30 years of toll, and also pay 10% of the bill every three years if tolls are not allowed to be increased. This is reminiscent of the rip-off IPP deal that Mahathir gave YTL that agreement has ended and not renewed by the Najib administration.

In 2011, Najib’s administration took over PLUS from private hands, restructured the deal and avoided future toll hikes. The government owns 51% of PLUS while 49% is owned by the EPF.

All the concession agreements are now no longer being subjected to the Official Secrets Act. I am sure there is a link somewhere where we can view these agreements and the terms given to the concessionaires. However, MEX has this far declined to open up its concession agreement and we must all call for the agreement to be made public as it affects us all.

This brings me to remember what Miss Lim Sian See wrote a few months ago:

Dear Siti Nurhaliza (always wanted to write to her), the PEMUDA UMNO, Pakatan leaders, Tan Sri Muhyiddin, Khairy Jamaluddin dan yang lain lan penyokong Tun Dr M,

If I may seek your passion again, sirs and madams,

The last few days, you people have demanded to seek the truth about the Tabung Haji land purchase from 1MDB as you say it is shameful, putting Haji money at risk, against Agama, etc – with a vengeance and with a vigor thus far unseen.

Now, Malaysia Insider (not always correct nor 100% truthful, I must admit) has bongkar certain Lembaga Tabung Haji deals that seems to be clear bail-outs of the Maju group that has actually caused losses of depositor money. http://tinyurl.com/lmuaz45

These are the allegations by Malaysia Insider (citing Wall Street Journal) regarding Tun M’s govt bailing out private companies using Tabung Haji Money.

1) 1996,- LTH invested RM67m with Maju Holdings project in Johor – only for the project to immediately run into trouble: 

Total loss to Tabung Haji: RM67m

2) 1998 – LTH paid RM436.38 million to Maju Group for two then uncomplete properties valued at RM267.92 million. 

Total loss to Tabung Haji: RM168.46m

Other allegations include: 
-The chairman of Tabung Haji then was Tun M’s brother in law, the late Tan Sri Ahmad Razali Mohamed Ali – a clear case of nepotism.

– Immediate upfront payment RM220 million for a building yet to start construction even though Treasury guidelines only allow maximum of RM5 million – which was 15% value of the construction work.

—-

Let me highlight the differences between the deals then and now for you:

1) MAJU HOLDINGS deals of he 1990s – Tabung Haji paid RM504 million to a PRIVATE INDIVIDUAL COMPANY for assets professionally valued at RM267.92m – causing REAL LOSSES to TH of RM235.5m

2) 1MDB TRX deal of the 2015 – Tabung Haji paid RM188.5 million to a 100% GOVT-OWNED COMPANY for assets professionally valued at RM195 million (and secured further with another asset worth RM370m) . But will soon sell off at a PROFIT to TH for a few million.

See the difference?

Tun M time: 

One is LOSSES to TH and payment by TH to a private company- money never to be recovered for assets worth less than half of what was paid.

Najib time:

One is PROFIT to TH and payment by TH to a 100% GOVT company – money – money that will immediately be recovered within a week for assets worth more than was paid.

`

I am just asking you all to be fair and use the same enthusiasm, venom and vigor to seek the kebenaran on the Tun M era deals.

You have asked MACC, AG, PDRM to investigate 1MDB and TH and Najib. 

Just to be fair, can you please also ask MACC, AG (actually already investigated and found wrong-doing), PDRM to investigate Maju and TH and Tun M?

And if Tun M is guilty as accused (or refuses to answer) then please condemn him as much as you have condemned others and please never again side with him.

Also find out who is responsible but make sure you ask about the case where Tabung Haji lost money and not the one where it made money.

Please be fair and act fairly – or be considered hypocrite.

Have no fear.

I rest my case.