A new broom sweeps clean. Less than a month after the Pakatan Harapan government was formed, the pace of the leadership shake-out at public institutions and government-linked companies (GLCs) has been astonishing. In a recent interview with The Edge, Prime Minister Tun Dr Mahathir Mohamad said it is a much more challenging task for him to form a new government now, compared with when he became the prime minister for the first time in 1981. “There are so many political appointees. Government departments were set up to serve the politicalRead More
bm THE government is understood to be mulling over making drastic changes in the appointment and remuneration of directors at government-linked companies (GLCs) and agencies, sources familiar with the matter tell The Edge. For starters, the remuneration package of directors, especially non-executive board members of GLCs and government agencies, could be cut. This is in line with the measures to reduce government expenditure. It is understood that the Council of Eminent Persons has requested details of the salaries of some top executives in GLCs. “There are so many government agencies,Read More
KUALA LUMPUR, June 12 — SP Setia Bhd and Sime Darby Property Bhd recorded a substantial decline after PKR de facto leader Datuk Seri Anwar Ibrahim reportedly said the new government will investigate the Battersea Power Station deal and other major…
KUALA LUMPUR, June 7 — Moves by the new government to change the guard at market regulators and state-owned firms have lifted the country’s stock markets this week as investors hope for better governance and an end to decades of patronage…
KUALA LUMPUR, June 6 — Prime Minister Tun Dr Mahathir Mohamad announced the resignation of Malaysia’s central bank governor as questions swilled over the role the monetary authority played in a deal linked to scandal-plagued state fund 1MDB. The…
PUTRAJAYA, June 6 — Malaysia plans to review the proposed electronic trading link between Bursa Malaysia and the Singapore Exchange, said Tun Dr Mahathir Mohamad. “The stock market trading link between Malaysia and Singapore will be reviewed,”…
PETALING JAYA: Finance Minister Lim Guan Eng said today the board of directors of Suria Strategic Energy Resources Sdn Bhd (SSER) and Tan Sri Irwan Serigar in particular are responsible for the one-sided terms of the three-year long Trans-Sabah Gas Pipeline and Multi-Product Pipeline projects, which saw 88% of the project value drawn down based on timing milestones that were just months apart, resulting in the bulk of the monies paid out within a year.
Irwan was Treasury secretary-general and chairman of SSER.
According to the payment schedule released by the Ministry of Finance (MoF) today, the RM5.35 billion Multi-Product Pipeline (MPP) project saw a drawdown of RM2.67 billion for the design, procurement and supply (DPS) contract, representing 95% of the total contract value, to China Petroleum Pipeline Bureau, which was awarded the projects in November 2016.
The first payment was made on May 9, 2017, and subsequent disbursements were made within a time span of less than a year.
For the construction and commissioning (CC) contract, RM2.04 billion, or 80.75% of the total contract value, has been paid as at March 20, 2018.
It can be seen that the pace of drawdown was quicker after the second payment, with a gap of only three months from five months initially.
Similarly, the RM4.06 billion Trans-Sabah Gas Pipeline (TSGP) project's payment schedule was based on timing milestones for both the DPS and the CC contracts, with payments of RM1.81 billion and RM1.73 billion, respectively.
The drawdown for the DPS contract stood at 95% as at April 2, 2018, while 80.75% has been paid out for the CC contract as at March 20, 2018.
No details were given as to how the payment schedule was determined. Construction firms typically bill according to work progress.
Lim said the lopsided contracts have clearly jeopardised the interests of Malaysians and the government.
“In addition, we would welcome the former finance and prime minister, Datuk Seri Najib Razak, who has been active on Facebook recently, to explain how he could possibly approve the above transactions,” he added.
MoF, as the sole shareholder of SSER, said it will be taking steps to take control of the company pending investigations.
KUALA LUMPUR, June 1 — UEM Edgenta Bhd via its wholly-owned subsidiary Opus International (M) Bhd has secured a RM60.7 million contract from Borneo Highway PDP Sdn Bhd (BHP) as the lead consultant for pavement design optimisation for the Pan…
SINGAPORE (June 1): When Dr Mahathir Mohamad took on the office of prime minister of Malaysia for the second time last month, he was widely expected to review the many mega projects that his predecessor Najib Razak had agreed to. The Kuala Lumpur-Singapore high-speed rail (HSR), a 350km rail link between the two cities, was one of them. Even so, Mahathir’s announcement this past week that Malaysia intends to pull out of the project has surprised many. Of the eight stations planned along the 90-minute journey, seven were to be located in Malaysia. ThereRead More
KUALA LUMPUR (June 1): The Digital Free Trade Zone (DFTZ), which is expected to support US$65 billion movement of goods, is at a very minimal risk to being abolished by the new Pakatan Harapan administration, as it is intended to spur global trade activities by the small and medium enterprises (SME) firms, according to analysts at Nomura Holdings Inc. “We think the likelihood of being discarded is very minimal, as the DFTZ ultimately aims to accommodate local SMEs to export and market their products through the Alibaba platform,” Nomura analystsRead More