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亚洲经济奇才RM235亿合约,无人知!
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发表于 24-11-2014 11:26 PM
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发表于 25-11-2014 12:49 AM
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厉害下,leasing的东西可以扫进地毯里面,off balance sheet,就算公开财报来看,看了也不清不楚 |
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发表于 25-11-2014 09:45 AM
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发表于 25-11-2014 10:03 AM
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professiorKing 发表于 25-11-2014 12:49 AM
厉害下,leasing的东西可以扫进地毯里面,off balance sheet,就算公开财报来看,看了也不清不楚
疑问重重~~
Is a loan not a debt?
The third big question mark is why Pembinaan PFI’s debts, coming to double-digit billions, is not in the government’s list of contingent liabilities. Put simply, a contingent liability is a liability which may or may not be incurred in future depending on how things turn out.
Fact: Pembinaan PFI is wholly owned by the government through the Finance Ministry.
Fact: Pembinaan PFI’s debts come to a total of RM27.8 billion, based on its latest filing to the Companies Commission Malaysia (CCM).
Fact: Pembinaan PFI’s debts are not listed as the government’s contingent liabilities for either 2012 or 2013.
This is a strange situation as, being owner of Pembinaan PFI, the eventual responsibility for the debt would fall onto the Finance Ministry and by extension the government.
Including Pembinaan PFI into the list would put it near the top of the list with some RM27.8 billion in debt, no small amount compared to some of the other government-linked companies listed.
If the likes of Khazanah Nasional Bhd or Johor Corporation or 1Malaysia Development Bhd, which at least has real profit-generation capabilities, make it into the government’s list of contingent liabilities, why doesn’t Pembinaan PFI, which does not look like it can generate any profits at all?
That brings us into the fourth big question mark…
Why take the more difficult path?
As part of its strange brand of PFI undertaking, Putrajaya opted for a strange lease-sublease arrangement set-up to create an artificial revenue stream for Pembinaan PFI.
This revenue stream in turn allows it to service its seed loan from the EPF. Sources say the loan from the EPF was an Islamic facility which requires assets backing, which explains the need for government land to be involved in the transaction.
However, what is not explained is the need to borrow in the first place — since the PFI concept calls for private contractors to find their own financing as per the concession agreement, why does Pembinaan PFI need to have such a large seed funding immediately?
While the immediate answer to the need to borrow points to Pembinaan PFI providing funding to contractors in the first place, the bigger question is why Putrajaya seemingly chose a roundabout manner to accomplish something that it could do directly.
Let’s consider the net effect of things. Through the strange lease-sublease deal, Putrajaya is effectively paying Pembinaan PFI — its own unit — from another government-controlled entity so that Pembinaan PFI has rental income. This income is used to repay the loan to EPF while the EPF funding is forwarded to the government.
Given the left-pocket, right-pocket transaction, what really happens is that Putrajaya is the one paying back the loan from EPF.
Given the way its PFI drive operates, what really happens is that Putrajaya is the one funding public projects.
Given the entire transaction, what really happens is that Putrajaya took an indirect loan from the EPF and spent it on various projects while repaying the loan in a similarly indirect way.
Why not take the simpler way and take out a loan from the EPF directly, allocating for repayments in annual federal budgets? Why go through so much trouble to hide behind technicalities?
According the third series of the Auditor-General’s Report 2013, some RM23 billion had been spent up to Dec 31 last year for this purpose, strangely without much information being made available to the public.
In a political environment flush with politicians thumping their chests over every little achievement (real or otherwise), why does such a massive undertaking — boasting double-digit billions — remain under wraps?
Sweetheart deals
The most alarming effect of Putrajaya’s mysterious PFI drive is this: selected private contractors are awarded locked-in profits through PFI concessions without having to bear a large portion of the risk associated with PFI undertakings.
In pondering Pembinaan PFI one cannot help but think of the rise of independent power producers (IPPs) in the 1990s, where many a connected businessman gained obscene profits in the name of government privatisation.
Yet in the case of PFI, the proverbial connected businessman does not even have to source for his own funding anymore, unlike the IPPs which still needed to raise funds from the private sector. All he needs to do is win a PFI project somehow (again, was there public tender?) and financing is guaranteed — with financing anyone can get the required expertise and it would simply be a matter of going through the motions and delivering the project.
What then is the benchmark of qualification to win a PFI project? Does pre-existing track record come into play for these supposedly smaller bumiputera players? Or is it acceptable if the winning contractor uses the financing to “buy” track record, or worse sub-contract the project out to other contractors who did not win the project?
Such sweetheart deals raise questions of who exactly these PFI contractors are and why the Finance Ministry is so secretive on what Pembinaan PFI had been doing with its billions over the years.
Is Pembinaan PFI a handout machine for the favoured after all?
Given the strange silence from Putrajaya on Pembinaan PFI, the emerging picture paints an increasingly worrying picture for the public. And Putrajaya owes the Malaysian public nothing less than full disclosure if it wishes to retain any shred of integrity as far as Pembinaan PFI is concerned.
GRRRRR!!!
本帖最后由 cyberjaye 于 25-11-2014 10:06 AM 编辑
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发表于 25-11-2014 12:13 PM
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发表于 25-11-2014 12:12 PM
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全部都是 speculation,没人敢去告亚洲政经鬼才吗+军事奇才吗? |
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发表于 25-11-2014 12:39 PM
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本帖最后由 cyberjaye 于 7-7-2015 12:27 AM 编辑
bashlyner 发表于 25-11-2014 12:12 PM
全部都是 speculation,没人敢去告亚洲政经鬼才吗+军事奇才吗?
谁敢动你啊公, 蒙女就是下场
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发表于 25-11-2014 01:01 PM
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发表于 25-11-2014 01:49 PM
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bashlyner 发表于 25-11-2014 12:12 PM
全部都是 speculation,没人敢去告亚洲政经鬼才吗+军事奇才吗?
全都得个讲字。。。。。。 没个人去抱警/报案。。。
雪州RM 2。6milion compensation解决了吗? 全部旧exco说不知到卡力出这笔数赔金的。。。全都是那时4位流下来的回党行政议员批的。。。 现在被人问, 他们回答 “tak tau." , 华人还是死挺民联, 说没所为啦, 好国国政0。001%就可以啦。。, 月亮代表我的心? 全都还在睡觉。。
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发表于 25-11-2014 04:47 PM
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用数字和不知名公司不停地钱滚钱,呈现的账目看了也不明白。原本很多问题,却造就更多问题。
我国其实人才很多,地灵人杰。 |
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