Monday, April 3, 2017

Tan Kok Ping bantu seleweng duit "tunnel" kerajaan ke oversea?

Jawapan Guan Eng kepada statement Menteri Kerja Raya seperti perasuah cari helah dan dah gelabah takit ditangkap lagi:

Setelah difikir-fikirkan, usaha tai chi Guan Eng menunjuk ke arah kemungkinan dia telah "curi" duit tunnel dari kerajaan negeri dan diseleweng ke akaun di luar negara:


For many years, Lim Guan Eng was very firm in building Penang tunnel with 30 years toll.

When questioned why he needs to collect toll on the tunnel despite it being against Pakatan Manifesto, he repeatedly answered:

"If we do not collect toll then the First and Second Penang Bridge operator will sue us due to loss of business.".

That is an incredibly stupid excuse. It is like saying private hospitals would sue public hospitals for loss of business or toll concessionaires will sue govt for providing alternative toll free roads.

Initially, LGE did not mind giving those stupid excuse but then Abdul Rahman Dahlan and others gave intense scrutiny to the project in March and April last year.

Rahman pointed out that the Penang Govt is essentially paying for the full construction cost of the tunnel but still giving the company building the tunnel a 30 years concession.

Essentially having your cake and eating it too (like in the cartoon) where the contractor can enjoy construction profits but still make more money from the 30 years toll of an estimated RM8 billion more.

This was the most incredible concession agreement ever even beating out all of Mahathir's lop-sided agreement.

Unable to defend anymore, Lim Guan Eng thus tried to deflect and tai-chi by saying he will change the 30 years tunnel into toll-free bridge and wrote Works Minister Fadillah Yusof that letter in May last year.

There is great doubt about his sincerity since it is almost coming up to one year and Penang Govt still is not able to give a single piece of supporting documentation for their application despite promising many times - thus it is likely this request is just to stop the attacks on the original very lop-sided business model.

Initially said he has no problems giving the studies. Then he ask why you need the studies. Then he said no problem to give studies.

Then he said study not ready and will give in early 2017.

And latest yesterday is that studies are stuck at 87% because of "BN project 18 years ago in 1999" and he HOPE to give by end 2017.

Lim Guan Eng lengah-lengahkan kerana duit sudah disapu. Dia perlu masa untuk cari cara cuci money trail.

Kita tengok apa jadi jika projek dibatalkan. Mesti dia pening ...


At this point in time, this is what we know:
1) the start of the construction of the 3 linked roads for the project have been repeatedly postponed from early 2015 to "sometime in mid 2018, conveniently after last possible date for GE14".

2) the studies for the tunnel is stuck at 87% completion and cannot proceed until at least end of the year because of "BN's project 18 years ago in 1999". It was 84% in Aug 2016.

3) at least RM135 million (in equivalent land value) out of RM305 million have been paid. According to Lim Hock Seng, this payment cannot be refunded or recovered.

4) The RM135 mil land has been injected into the Penang City of Dreams project (condos from RM1,300 psf up) in return for 40% of the condo project.

Approvals for this project was super-fast and took days instead the usual months or years and was given approval by the Penang Govt for an incredible development density approval of 156 units per acre - five times more than their own guideline of 30 units.

This condo project cost RM400 mil to build but will have gross development sales of RM800 mil - thus a profit of RM400 mil.

The contractor's 40% share of profits will thus be RM160mil + RM135mil = RM395mil.

However, they will forfeit RM15mil in performance bond to the state - thus reducing their gross income to about RM380 mil.

So, if the entire project is cancelled today and the company cannot claim the remainder of the RM305 mil studies, do not need to complete the studies, do not need to build a single inch of road or tunnel, the concession company will get gross income of RM380  million legitimately and without any further penalties.

Not bad for a company that was just founded in Aug 2012.

Of course if the project continues, it will be RM25 billion more but RM380 mil without further headaches is not too bad.


Tan Sri Tan Kok Ping sudah pening tak boleh jawab Income Tax dan duit sudah kena beku.

Pusinglah Guan Eng. Sampai bila?

Kit Siang terpaksa pulang ke Penang. Anak manyak jahat, bakal masuk penjara. Papa tatak lapat pencen.