For whom the tolls toll?
It's too late to ask who benefit more from the highway concessions given out under Malaysia's privatisation programmes.
In the case of Lebuhraya Damansara-Puchong (LDP) given to Lingkaran Trans Kota Berhad (Litrak) -- the rakyat from Perlis to Sabah will be screwed till Year 2031 as nothing could be done to rescind the 33-year concession it signed with the government.
Never mind that Litrak had announced in their annual reports having recouped the building cost within some short years in operation. The government will continue to pay it guaranteed subsidies, and the increasing volume of traffic will ensure the concessionaires laugh their way to the bank for 24 years more.

ANTI-TOLL COALITION... Ronnie Liu (DAP), Dr Hatta Ramli (PAS), Tian Chua and Khalid Ibrahim (KeAdilan)... LensaPress photo
That's the tip of the iceberg revealed at the press conference organised this morning by Parti Keadilan Rakyat, and attended by leaders of the anti-toll hike coalition comprising opposition political parties and NGOs.
KeAdilan information chief, Tian Chua, said he and and his party were prepared to take the risk under the Official Secret Act (OSA) in order to reveal Litrak's concession agreement with the government to prove that Works Minister S. Samy Vellu has been lying through his teeth about the government's obligation to compensate the concessionaire in order to help lessen road users' burden.
Just 'wayang'
"The truth is all this is just wayang as the government has already agreed to the toll rates when it signed the concession agreement that is lop-sided and against the interest of the rakyat," Chua said.
"There's no such thing as the government having negotiations with the concessionaires because the government was already ready to pay the stipulated toll rate, and subsequent increases -- based on a formula stated clearly in the contract."
"For example, when signing the agreement with Litrak, the government has agreed on your behalf to let Litrak collect RM1.50 for Class 1 vehicles passing through LDP's PJ Selatan tollgate near Bandar Sunway," Chua added.
"The RM1.50 rate was to come into force from 1998 through 2006. Since you protested, so the wayang played. The government so-called intervened and the toll rate was reduced to RM1.00 but Litrak has to be compensated," Chua explained.
"Look again, the agreement also states that Litrak is allowed to increase the toll charge to RM2.10 from 2007 through 2015, and then increase to RM3.10 from 2016 to the end of the concession period, provided there's no extension," he added.
"Now, since the Government has agreed to allow Litrak to increase the toll charge to RM2.10 starting 2007, and since you protest, the wayang starts again -- it's so-called reduced to RM1.60 but the government again pays compensation to Litrak."
'Toll and compensation do not reflect building cost'
"But the main issue is this: The toll charges, and the compensation, do not reflect the actual cost of building the highway, and the amount of cash Litrak collects from the road users after it has recouped its building cost," Chua cautioned.
According to public domain information, Litrak’s 2006 annual report revealed that it recorded a nett profit of RM80 million, an increase of 43% from its nett profit at RM56 million in year 2005.
The report further showed that Litrak had set a new record after collecting RM243 million revenue for its financial year ending on March 31, 2006, as opposed to RM227 million it collected for the year before.
In other words, it's a nett profit-making company within seven years of operation since 1998.

Khalid Ibrahim explaining the importance of the Right to Information Act to tell all to the rakyat pertaining to privatisation projects from highway to water and independent power producers
Khalid Ibrahim, KeAdilan Treasurer who had experience in building the Shah Alam-Rawang Guthrie Corridor Highway when he was the Group CEO of Kumpulan Guthrie, explained that maintenance cost would not exceed 5% of the total highway costs.
"That goes to show Litrak will be making net profits at the rakyat's expenses as Samy is on his way to compensate Litrak using the taxpayers' money," said DAP's Ronnie Liu.
"And bear in mind, though Litrak is located in the Klang Valley, the money the government used to compensate the concessionaire belongs to every rakyat, including those from Kelantan who might not use the LDP at all," Liu added.

During the press conference, the media were given excepts of the concession agreement signed between Litrak and the Government, which indicates stamp duty has been paid for the agreement to consumate.
The Press were also given opportunities to inspect its content. The signatories were clearly displayed, as shown above.
PAS Treasurer Dr Hatta Ramli summarised by saying, "We only obtained one concession agreement. This one with Litrak could be the worse off for the rakyat. If the government think the rest are better off than this, then show us."
"If Litrak is the best of the concessions, then, also show us the rest," he added.
There are five highway concessionaires allowed to increase their toll charges up to 60% starting January 1, 2007. They are: LDP, Shah Alam Highway, Cheras-Kajang Highway, Kuala Lumpur-Karak Highway and the Guthrie Corridor Expressway.
For whom the tolls toll?
There's a lot more story behind it... such as the formula the Government uses to compensate the concessionaires should the toll rates become lower than those stipulated in the agreement.
And you have to ask the question: For whom and on whom the tolls toll? The concessionaires? The BN Government and its elite politicians? The Rakyat?
Meanwhile, the Anti-Toll Coalition will hold a gathering at 4.00pm, January 7 (Sunday) in front of the Sunway Pyramid shopping complex, where Litrak office is located nearby, to launch a rakyat's protest against the toll increase.
Ina separate statement, Parliamentary Opposition Leader Lim Kit Siang also called on the public dissatisfied with the toll hikes to participate in the Sunday protest.
MORE!
Comments
I'm up to my neck with all these rubbish this government is doing to us the rakyat. I guess when u have been too long up there, u lose that sense of humility, responsibility and caring towards the real people. u have been eating duit haram everyday, feeding it to your family, relatives, friends etc....sooner or later, u will never differentiate between right from wrong.
Living in Malaysia is getting harder and harder everyday. Even with our annual increment would not ease our daily burden that keeps compounding. I have already change my lifestyle, ikat my perut, only eat at home, drive the shortest distance possible to any destination, do my groceries at pasar tani once a week, go out early to work to avoid jams and safe petrol consumption, once a month outing with the family, from 3 dishes to only 2 dishes for meals, try to skip lunch or fast, stop buying new clothes, repair that broken shoe, on lights after 7pm, waste 2 hours queing in a jam so that u can save money on the toll, get your wife give you a haircut,....etc....WHAT ELSE DO U EXPECT US TO DO!!! When u push a dog to a corner all the time, it will one day bite your head off. All i got to say is U JUST WAIT FOR THE NEXT ELECTION!!!
Posted by: harin
|
January 4, 2007 05:12 PM
This is definitely one of the "gravy trains" created by corrupted politicians and the Govt at the expense of the rakyat. There are many much more and its getting sicker by the days, considering the increasing burden the Govt is placing on the rakyat. Oil increases, toll increases, vegie prices also increased . I hope the Internet can keep up with all these exposures until the next General Election. BN must be "slapped" in the coming GE. I know who I will not vote in Penang, thats for sure! I hope the by election in Batu Talam will allow the rakyat to show its true disgust.
Posted by: maggieq
|
January 4, 2007 05:24 PM
I use the LDP day in, day out and it is a big pain to be paying that extra RM0.60. Some idiots have even agreed on RM2.10 toll and thereafter RM3.10. This is not really the thing I am pissed off about. It is the clear cut sweeping of the obligations and responsibility under the worn out carpet that is making me angry.
Samy Vellu is indeed been lying through the teeth and all this while been putting the blame on the agreement. Now that the cat is out of the bag, what other twist Samy is going to think of next? Shut the oppositions with OSA? Ignore like nothing had happened and show the rusted teeth during the next election?
Since it looks like Pak Lah is not bothered with the problems facing the country, the last thing we want to do is to elect those liars again in the next general election and expect them to sit up and listen to us.
Kudos to the Anti Toll Hike Coalition for digging in further. Expect more crap to be pulled out into the open.
Posted by: Balajoe
|
January 4, 2007 05:36 PM
I'd like to know who are the real owners behind these concessionaire companies? Any taker? I hope it's not those politicians, else it'd be conflict of interest. Don't you think?
Think about it, politician in Government, owning concessionaire company shares, politician get Government to screw rakyat by using rakyat money to "compensate" concessionaire companies, while these companies keep collecting tolls from rakyat at the same time. Geez, aren't it great to be a politician? Especially for those who have been in power all these while.
Posted by: ordinaryperson
|
January 4, 2007 05:41 PM
Yeah, kudos to the Anti Toll Hike Coalition & the Opposition to expose the evil of BN politicians! Tell us more, less we remember the evil of BN has done to us so far when election time comes. Only the rakyat can safe themselves from the evil of BN.
Posted by: ordinaryperson
|
January 4, 2007 05:45 PM
High time Samy V is sacked!!
Further high time the government breaks open all highway contracts, and negociate new rules and term.
Like raises should be based on inflation rate. 33 years consession period is totally ridiculous.
Look at Penang Bridge how many times did they already recover the cost? And we still pay toll and the directors of the consessionair companies earn millions a year as salaries.
Break them, if they dont like it, make a law and nationalise the whole thing, put a stop to this silly cronyism
Posted by: Albert
|
January 4, 2007 05:53 PM
I pass through two LDP tolls on my way to work and again two LDP tolls back home. It incurrs an extra living cost of RM2.4 a day... that's a heavy burden for me. Damned BN!
Posted by: streetz
|
January 4, 2007 05:57 PM
Remember, remember.
I say,
SACK THOSE BUGGER IN THE GOVERNMENT !!!
VOTE AGAINST BN IN NEXT ELECTION DAY!!!
Posted by: ranting_guy
|
January 4, 2007 06:01 PM
I travel on KESAS to work from Cheras to USJ everyday. That's RM4.40 per trip, from RM3.00 per trip previously. That alone costs more than my mixed rice at lunch time! I've already change life style by cutting lunch. What else can I do? Damn with BN!!!
Posted by: ordinaryperson
|
January 4, 2007 06:10 PM
we can sack the Samy Vellu and the entire cxabinet, if all of us vote against BN.
Simple as that.
Talk to your neighbours, friends..anyone you meet and ask them to vote against BN.
Posted by: art chan
|
January 4, 2007 06:23 PM
I remember before LDP, we have jams but we still do now. Compare to the North South highway, more money may have been spent but for LDP, most roads are there in the first place cutting across PJ so less money spent but higher increase of toll hike(?). This goverment is sick. Very sick to the core that no medicine can save it. In some countries, the goverment would have been toppled by this but no, not in Bolehland. Sometimes I don't blame people when vulgar words come out naturally when reading news like this. Yes it's naturally puking stuff. Please tell me the Adil candidate for Subang area.
Posted by: 3rd Generation
|
January 4, 2007 06:37 PM
Sigh. In my previous posting several months ago, I have already highlighted that toll rates are negotiated and agreed (including the hikes) at the start of the concession. Among other reasons, this is a standard requirement for the financing of such a project.
Perhaps the Government is over generous in granting "compensation". But hey, have you thought of the following - the "compensation" primarily kicks in if the agreed toll hikes do not materialise. And guess why they do not materialise? Because road users COMPLAIN AND COMPLAIN.
In short, if road users stop complaining about toll hikes so much, the compensation will likely be less (if any). Thus, my verdict, folks in Perlis and Sabah should be lambasting Klang Valley highway users for complaining too much about toll hikes - thus ultimately forcing Govt to fork out compensation.
Mark my word, the only way you can stop the gravy train is:-
1. Stop using highways.
2. Better still, stop driving and take the bus. Then, no need for highways.
Can you walk the talk?
As for the Guthrie guy, I wonder what terms he negotiated on when he was in Guthrie. And did his year-end bonus somehow related to how sweet the compensation terms are? Do tell.
Posted by: AverageJoe
|
January 4, 2007 06:45 PM
The 'looters' got hungrier and hungrier. Can we really vote BN out? As usual, come election time, they dish out half-rotten carrots, many will crawl on their knees again.
Take a look at what they are doing now with the FLOODS victim. Nicely decorated stage with nicely wrapped 'gifts' and...camera time! Then, flash the images on tv over and over again.
Msia is very close being ruined badly.
"art chan" is right. We need to talk to people especially, the RURAL folks.
I am too far away from KL to join the protest. Nevertheless, I'll continue to talk and talk to support...even if jeff ban me from commenting :)
Posted by: hasilox
|
January 4, 2007 06:50 PM
Well, look at what's happened in Johor. Maybe the rural folks will take note.
Posted by: jayen
|
January 4, 2007 07:21 PM
Folks
Malaysian voters who gave BN to win govt every election so that UMNO can enrich their cronies and their relatives, are now paying the price (including the increased toll with the support of the hairy-headed MIC leader).
Read here what one blogger,Ahmad Zaki Yamani said (http://malaysianunplug.blogspot.com/2006/12/toll-hikes-and-johore-floods-anger-and.html)
Buat masa sekarang, saya sekurang-kurangnya telah membuat keputusan bahawa rejim Abdullah Badawi ini BUKAN kerajaan saya. Mereka samada terlalu bodoh sehingga membuat perjanjian yang merugikan rakyat, atau mereka khianat kepada rakyat sehingga sanggup membuat perjanjian itu. Ayuh rakyat! Nyatakan pendirian anda.
If you cannot read in Bahasa, get someone to translate or get Google to do the translation.
So, fellow Malaysian voters, YOU get the Govt you voted for... so don't complain.
And it looks like that the UMNO-led BN will still win Govt in the next election, given the short memory span of the easily frightened Chinese and Indian voters in Malaysia.
You see, a vote for MCA and MIC is a vote for UMNO to rule the country again.
The son in law and Kerishamuddin and those UMNO leaders have already prepared their THANK YOU speech to the Chinese and Indian voters. Simply because the non Malay voters are NOT going to vote for PAS or Keadilan. Forget about DAP, they can't win govt except rabble-rouse issues to win some clap-traps.
Posted by: Frank&Honest
|
January 4, 2007 07:49 PM
Yes this is all part of so called BN plans for rakyat, but specifically these are all Mahathir's policy during his tenure of more than 22 years. Hehe where are those staunch supporters who champion him to 'fight' Pak Lah? Dont beat the dead horse eh..? Oh.. I am not Pak Lah's supporter but I just wish him to be *seen fight like a man*.
The heavily one sided agreement with compounding increment in tol charges are extremely ridculous and you can just picture the amount of corruption involved whilst lobbying (read: bribe) for the exact amount of tol to be charged.
Posted by: syedhs
|
January 4, 2007 08:11 PM
Let’s crunch some numbers. Litrak posted RM243 million revenue for financial year ending on March 31, 2006. For ease of calculation lets assume that all traffic is Class I type only passing through the LDP tolls. Since Class I toll is actually RM1.60 (RM1 that you and I pay + RM0.6 that our gov’t generously forks out), this equates into annual traffic volume of 151 million cars (243 Million/RM1.60). That’s of course assuming that all of Litrak’s annual revenue was derived from it’s toll collection. 151 million cars works out to a daily traffic volume of 400,000 cars. This is a rough figure which is to be used for estimation only, as more realistically the traffic count is lower when you take into account the heavy vehicles on the road (which pay about 2 or 3 times the Class 1 toll amount, thus making up the revenue numbers).
Since article states that Litrak has already recouped the building cost then let’s assume that every single year from 2007 to 2031 (24 years) will contribute directly to Litrak’s topline numbers.
This means from year 2007 to 2015 toll rate = RM2.10 x 400000 cars/day x 9 years = RM2.76 billion.
From 2016 to year 2031 toll collection = RM3.10 x 400000 cars/day x 16 years = RM7.24 billion. That’s a total of RM10 billion revenue from this year onwards.
This of course doesn’t take into account annual traffic growth (which our govt. seems to mysteriously neglect also when signing these concessions) but if you look at the revenue growth from 2005 to 2006 (RM243 million vs. RM227 million) that equates into a 7% annual growth in traffic volume, again assuming that all of Litrak's revenue comes from it's toll collection. So you can crunch the numbers yourself taking into account compounded annual growth. Does anyone know how much Litrak spent building the highway in the first place so we can work out their return on investment?
The real sucker punch is that Litrak’s nett profit is only about RM80 million on a revenue of RM243 million. That’s tiny when you take into account Khalid Ibrahim’s estimation that maintenance cost would not exceed 5% of total highway cost. So where does the RM160 million go? Sure seems like lots of pigs in that barrel.
Posted by: Mithos
|
January 4, 2007 08:14 PM
Kudos to the COALITION...I genuinely think protesting is an good first move...prior to the election.
My 2 cents, to get more impact, I think we should start promoting/advertising such event earlier via mass emailing/handing out flyers.
Posted by: voice of the voiceless
|
January 4, 2007 08:18 PM
Kudos to the COALITION...I genuinely think protesting is a good first move...prior to the election.
My 2 cents, to get more impact, I think we should start promoting/advertising such event earlier via mass emailing/handing out flyers.
Posted by: voice of the voiceless
|
January 4, 2007 08:18 PM
Frank&Honest,
Who are actually inking the deal of toll concession? Is it done during Mahathir's tenure or PakLah's? I will just say it straighforward - you are definitely the admirer of Mahathir and therefore, deliberately like this para
'Buat masa sekarang, saya sekurang-kurangnya telah membuat keputusan bahawa rejim Abdullah Badawi ini BUKAN kerajaan saya.'
So clever la some people this day, and label themselves as frank and honest!
Posted by: syedhs
|
January 4, 2007 08:19 PM
Agree with you "syedhs" - ni memang porjek-projek BN zaman Dr M.
And Dr M should be asked the pointed question "why has he burdened the rakyat with such a long term and heavy burden".
His selective memory may have caused an attack of "Melayu mudah lupa", so perhaps reporters, NGO people and whoever else who has the opportunity, should try to ask him about the toll highway fiasco.
And the IPP contracts too. And other "oh-so-beneficial" legacies he has bestowed on Malaysians.
And those who want to puke out their dinners may want to read "Government saddled with an unfair deal" in today's Star.
Posted by: Leithaisor
|
January 4, 2007 08:33 PM
lots of pork barrel. somemore is halal for our politicians and mr 10 per cents or more.
where got risk starting biz? money also capitalized from EPF (alsso our money).
evil rent seekers!
Posted by: aku anak malaysia
|
January 4, 2007 08:55 PM
Please, anyone with overseas IP address, please WIKIPEDIA the whole things. Put a link under the wikipedia Pork barrel entries.
NST and others media can spin the document for a few day, but wikipedia and google will stay for decades!
Posted by: moo_t
|
January 4, 2007 09:03 PM
hey peeps,
do your bit and sign the petition!!
http://www.petitiononline.com/notolle/petition.html
right now it's only 2700 signatures..we definitely can get more signatures than 2700!!
Posted by: taiko_besar
|
January 4, 2007 09:17 PM
save malaysia for our future generation. for our children. for our children children. let's heal this wounded malaysia...
Posted by: taiko_besar
|
January 4, 2007 09:21 PM
Mithos,
you must deduct 25% corporate tax from the gross profit. During Tun Tan Siew Sin finance minister day, there is "extraordinary tax" that counter this kind of daylight robbery.
Nevertheless, the document show money growth on tree, in Bolehland.
Posted by: moo_t
|
January 4, 2007 09:26 PM
Let's check if there's a line of agreement that Litrak must improve the traffic by building the highway.
If it does - then it had broken the agreement already.
And we could ask for compensation too!
Posted by: Vertebrato
|
January 4, 2007 10:06 PM
Agreement signed in 1996 (see signing page) so it was signed during Dr M's watch. This is Dr M's legacy.
Posted by: KISS
|
January 4, 2007 10:21 PM
Indeed. *ALL* highway toll concessions were all signed when Mahathir as at the helm. I wonder whether Mahathir will shamelessly 'stand up and fought' for us, the poor people.
Posted by: syedhs
|
January 4, 2007 10:29 PM
Frank&Honest,
Mind to tell us who you vote for?
Posted by: jeffdaman
|
January 4, 2007 10:33 PM
It's time for Pak Lah to show if he indeed still have 'balls'. Cancel or terminate all those 'bad' TunM legacies such as the IPPs and toll concessions, you can always cite "National Interest!!!!". After all he canceled the scenic bridge,double track trains,?Bakun etc. Jangan la pi bagi kat mangkuk-mangkuk kroni hang pulak lepas cancel macam Patrick Lim ka, anak dan menantu hang ka!!
Posted by: Neurolept
|
January 4, 2007 10:51 PM
politicians dont hv to hold shares. they can appoint proxies and then maybe these proxies just lose a game of golf and some side betting every week. these buggers shold be held accountable for selling the rakyat. Have you seen such numbskulls in office before? Where got such a "kap nar" jumping around in the streets? Yea maybe along some hi-ways there is.
Posted by: groo
|
January 4, 2007 11:02 PM
It is sad that I did not able to see the comparison chart of collected income between traffic growths versus estimated investment returned projections at the time of planning and factors that to computer the increased of toll charges in the briefing. But anyway, the JKR should add a clauses to reduce the toll collection rates when the intended traffics had reached the designed traffic volumes.
Well, The government will say, if there’s no profit for the construction of highway, then the private sectors will not participate to build then. NOT TRUE!!!
We should be fair to the government also, if to stops all the construction of alternate traffic access, KL will just be another city like Kota Bahru, or Georgetown in Penang where jam and jam and jam whenever going to and come back from work, and please, Penangites don’t drives during holiday seasons, the vehicle from other states had flooded the town and worsen.
In anyway and how, is still the government need to still funding the project, otherwise it will not be called a Government.
In our neighbor country at north, their government funding the constructions of their highways in multi-millions of Bahts, but all the fund-in the Pork barrel were distributed at the time of constructions only. Their Public Utility Department will do the upkeep and maintenance (Malaysia have it privatized). Their road users did not have to pay toll charges for the stretch over 1000km from Bukit Kayu Hitam to Bangkok. Not like in Malaysia, the contract on the constructions concession is to let the road users to pay by merely a generation. The consortiums are having a good life extended to another 33 years. Before the expires of 33 years concession, there again to build another toll way, and there another 33 years of inclining guaranteed income got extended again.
The people in Thailand is very poor, is the same for Malaysia Government too, so to help to improved the congested traffic situations, the Malaysia Government become the guarantor to pay if the rakyats did not pay, and allow the cash rich Malays(ian) to build the highway, signed for a generation of Young and Old Malaysian to pay. In one way or another, government still have to pay, but why need to pay in this such a hard way. Pork barrel is very good term to describe this.
Can the Barisan Alternative to cater for this when you governing? Pak Lah has not initiate any giant projects since his first 3 years tenancy, resulted the rakyats cries for help because the economy is bad, and at his 4th year, he approves all un-tendered mega projects in a rush to plugged all the hungry mouth, do you like it? Barisan Alternative need to starts THINKING and ARRANGE for NEW MALAYSIA DEVELOPMENT POLICY (NMEP) from now on if you intent to take over the governance.
Posted by: BaganSPU
|
January 4, 2007 11:27 PM
moo_t says;
"Please, anyone with overseas IP address, please WIKIPEDIA the whole things"
Everybody can do it from Msia with IP appears as in another country.
The trick is to set your connection's PROXY SERVER to a server located in the country you wanted to be seen as. There are many softwares available to do this effortlessly. NOTE that this method and such softwares will not work if you are behind a local network (eg. office network).
There are sites that allow you to surf anonymously. You can use these sites to surf any sites banned by government/service providers.
http://www.thefreecountry.com/security/anonymous.shtml
All these are not foolproof. They merely make tracing more difficult.
Posted by: hasilox
|
January 4, 2007 11:36 PM
Oh mine, missing out this important keypoint!
Need to change the Whole Games Rule.
In old days, the government tax the rich to do improvement for all to enjoy. But now with the name under Privatization, is totally reversed, let the general rakyats to fund the few rich. Do I think it right?
Posted by: BaganSPU
|
January 4, 2007 11:36 PM
an anon commented this in rocky's bru blog. an interesting reading.
============================
DATO LIN YUN LING AND CRONIES MUST BE STOPPED
The Gamuda website states very clearly that 1.7 million vehicles ply the highway daily with 15 busiest toll plazas handling 800,000 tollable vehicles per day.
This translates to a revenue of 292 million, yet the total revenue for last year was stated at only 245 million and that also on a group basis.
The Malaysian public should call upon Tan Sri Ramon Navaratnam head of Transparancy International to head a task force to investigate and bring out to the open the true facts. Tan Sri Ramon should be quite familiar with the goings on at this company.
^This little piece of news popped up on the internet and makes interesting reading. The main beneficiaries are Dato Lin Uun Ling who owns and runs Gamuda and Litrak/LDP.
The owners of the privatised Lebuhraya Damansara Puchong(LDP), Lingkaran >Trans Kota Holdings Bhd (Litrak),have just announced that their revenue is ,and will continue to be higher then expected.
It's executive director and substantial shareholder,Dato Lin Yun Ling,has even announced that the company has a surplus of about RM 200 m in cash.
All this after the Government agreed to pay Litark RM 85 million,at the height of the recession, in "compensation", for revenues lost when the >company agreed not to raise toll rates by RM0.50, as provided in the concession agreement with the Government.
This "compensation" may sound fair, but one must consider the assistance that the Government has ALREADY provided the company.
First, there was a RM535 million fixed rate loan from the Employees Provident Fund (EPF), for a term of 13 years which even Lin Yun Ling described as "uncommon"; EPF normally lends for only 5-8 years.
Then,there was a RM98 million loan at concessional rates. The rates >have yet to be disclosed by the Finance Ministry. >On top of all this there is also a RM 100 million grant to pay for land
>acquisition.
Some analysts say that the RM 85 million the Government has given Litrak s actually in excess of the revenue that the company might have lost by its own estimates.
The main beneficiary of the Government's kindness has been Lin Yun Ling, whose Gamuda Bhd,constructed the LDP in a joint venture with Yusof Daud, for a cost of RM 600 million, or RM 40 million per km. In comparison,the NKVE only cost RM 10 million per km.Lin and Raja Elena of Perak are
Gamuda's two largest shareholders.
What are the reasons for such special treatment? Perhaps the answer lies in Litrak's shareholders.
The largest shareholder is now Gamuda, a company linked with Perak royalty and a number of ex-civil servants. Ministers Napsiah Omar, and Dollah Badawi are also shareholders as is former secretary general of the Treasury , Ramon Navaratnam. Then there is also Institut Kefahaman Islam (IKIM), various state bodies, and even Rating Agency Malaysia.
Most mysterious of all shareholders is Litrak executive director, Haji Yussof Daud, who controlled , before listing, 51% of the company, via a company with a paid-up capital of only RM 100,000.He now controls about 30%. A more mysterious shareholder is one who controls 600,000 shares via a >dormant, RM 2 company, whose directors are Gamuda finance managers. >They in turn, report to Gamuda and Litrak director Saw Wah Theng. Saw >is an alternate director to Lin on the Litrak board.
============================
can only say this,
these lop sided concessionaires are like parasites eating away our well-beings everyday and condone by the BN led government.
what a blow and what 2006 year exit gift the BN led government is giving us. we have a very stupid Menteri Kerja Raya like Sami Value leading this department for years or may be decade and all he can do is agreed to stupid agreements.
all he can emphasis is the government has to subsidise for the toll rate. subsidise the concessionaires or the users?
i'm really all pissed off, come next GE, my vote will go the opposition. period.
Posted by: ynos
|
January 5, 2007 12:19 AM
There must be secret beneficiaries to the toll agreement or otherwise the government will not be so generous in the terms.
It is well known to most who the secret beneficiaries are.
Posted by: veritas
|
January 5, 2007 12:51 AM
semi value is not stupid. if he is stupid his name would have been no value. if he is stupid he wont be able to sit in that chair for so many years and till now no one dares to check his financial status and wealth. he may look stupid and talk stupid but i think many owuld like to be in his position. buat bodoh but wealthy.
Posted by: groo
|
January 5, 2007 01:16 AM
Highway Tolls = Highway Robberies.
See the toon:
http://artify.blogspot.com/2006/12/highway-tolls-to-increase-aka-highway.html
Posted by: notolls
|
January 5, 2007 01:44 AM
The *only* consolation of govt's reluctance of not further subsidizing the toll operator is to 'awake' many people that past administration is just a pure bullshit - all for heroism, tallest, biggest etc but poorer or better said, 'menang sorak kampung tergadai'. But all this is a dangerous game and can backfire easily.
Posted by: syedhs
|
January 5, 2007 01:48 AM
BaganSPU,
My friend personally heard from a very high ranking officer in Malaysian Govt (now retired) that privatisation is designed specifically to siphon off money from govt coffer to the cronies'. It is designed that way (and not because of implementation sux, but well intention objective), and that is the reason why it failed badly.
By right, Mahathir should be put in jail like what you see in Korea or Taiwan. But I doubt it will ever happen here (Tunship render him of law invincibility - correct me if I am wrong)
Posted by: syedhs
|
January 5, 2007 01:55 AM
semi lies all the time. he said you will not pay toll for life, he also said once the concession ends, toll collection shall stops, but then he keeps signing new toll concessions, the LKSA (signed in nov 2006, expected completion in 2010)concession period is 40 years! prolintas is the lucky fella. it's a guaranteed income for that company till 2050, but also a guaranteed suffering for citizen till 2050! and then, there will be new toll concessions, it just never ends...
he is umno's puppet. he cannot go down because he is a good shield for umno, of course he will not be fired. he is also a bait for the indian votes. likewise, ong is a bait for chinese votes. we fell for the bait, that's all i can say.
whatever we say here, bn cannot be cured already. I'm not expecting much hope in that... like a 3rd stage cancer... they do not have reverse gear, they will move on, cronies will get richer, the citizen will continue to be robbed to bail the rich... shit! I wanted to say the f word, but I will give jeff my respect. I'm damned pissed.
Posted by: streetz
|
January 5, 2007 02:17 AM
What to do maaaaa..........we are in in democracy state.......and this government dah dipilih oleh hampir 90% rakyat Malaysia (90% of parliement member is BN).....so that 10% yg lain tuh terima jer la.....majoriti maaaa.....so orang cam aku yang tergolong dalam 10% terima la apa saja kata pemerintah pilihan rakyat.......tol naik RM100 pun, apa yang aku boleh buat sekarang........dah majoriti rakyat Malaysia yang pilih dan kehendak mereka nak orang macamnih jadi wakil rakyat depa...........apa option yang aku ada sekarang???? gi merusuh??? pi demo???? aku akan pih, tapi ramai mana sangat la 10% tuh............cuma yg aku akan tetap buat, time pilihanraya, aku tetap takkan pangkah BN punya........dan yang aku nak buat sekarang.........tolong lah, please........jangan lah pangkah BN........
Posted by: adnero
|
January 5, 2007 02:46 AM
I dont understand why the concession should be classified as 'OSA' unless there is something clandestine to hide.
Also, this concession with Litrak was done during Mahathir's time and now, carried on with the milking of the raayat by the Badawi Govt. Mahathir and Samy of course should not be exonerated for putting us in this situation today. Without the head honcho approving, Samy wouldnt dare do squats.
This and many more poor governance is the result of many of the raayat maintaining a lackadiasical attitude and letting the govt run wild with the raayat's coffers. I hope the raayat will wake up and vote the BN and the racist UMNO out in the next election.
I would wish to thank the opposition for their constant vigilance to keep the govt in check and protect the interest of the raayat.
Fellow Malaysians, vote wisely in the next election so that you and I will not be raped blindly. Love your country enough to do the wise thing.
Posted by: merdeka
|
January 5, 2007 07:10 AM
If the agreements can't be broken, this govt should buy up shares in litrak bhd and the others, then use their profits to subsidize the toll collectors (themselves) so reduce the toll rates, and also cut the concession periods. Force those acquistions through the stock-market or private equity deals - turn cronyism into something which will redeem themselves. Walk the talk.
The privatisation program in this country should never be to make profit out of the rakyat. Otherwise it would not have been allowed. The Implementation & Coordination Unit of the PM's Dept under Manathir will have to answer how this all is happening to the rakyat. So too Mahathir, Daim and the others. S-Valu should also be investigated for any linkage to Gamuda and the others.
neil, tundraland.
Posted by: Neil
|
January 5, 2007 07:12 AM
"(Tunship render him of law invincibility - correct me if I am wrong)"
This seems to be the perception that others want us to believe. Nobody should be above the law. It is invincible provided you allow it to be.
Posted by: merdeka
|
January 5, 2007 07:25 AM
"There must be secret beneficiaries to the toll agreement or otherwise the government will not be so generous in the terms.
It is well known to most who the secret beneficiaries are".
I am sure there are but the fact is that it is well-hidden behind proxies and nominees. Everyone smells a rat so do your bid, spread the word around and vote BN out in the next election. We are being robbed and made to pay the price. Also, watch out for traitors in our midst, and identify those to the raayat, who will be the evangelists of the govt coz they have much to gain by supporting BN and UMNO.
Posted by: merdeka
|
January 5, 2007 07:32 AM
"Indeed. *ALL* highway toll concessions were all signed when Mahathir as at the helm. I wonder whether Mahathir will shamelessly 'stand up and fought' for us, the poor people."
Total agree with you but I doubt TDM will want to do that. He was the one who started it all. You can however, do something about it in the next election.
Posted by: merdeka
|
January 5, 2007 07:39 AM
I think the Batu Talam by election would be a good indicator of the people's sentiment towards this pathetic government of ours. But if the result sways to them again, (as it always has), i think it would surely dampens our spirit for better changes in the coming future.
Election day, we should not be selfish and only think of our own rice bowl, but should look out for the betterment of the people of our beloved country as a whole. We must speak in one voice, loud and clear!! We and our children cannot afford to be fooled again for another 5 years.
Posted by: harin
|
January 5, 2007 08:55 AM
Try and go through the newspapers today, in all the online versions, not a mention of the 'revelations' by the Anti-Toll Hike Coalition, which means more than half of the population will still be in the dark about how we are being treated by these traitors to our country.
Those of us who gribe and moan here, let's walk the talk and join the demo on Sunday. Otherwise we'll all be just another collection of broken records, kecoh and komplen belakang, belakang, all talk and no action, maka we'll become just like carpets.
Better still, I hope someone can arrange something so that for an hour or so, we'll all stop using the LDP. Let it be empty so that they will see that the rakyat means business. It CAN be done if we WANT to.
Come to the demo on Sunday.
Posted by: The Doctor's Muse
|
January 5, 2007 08:59 AM
Pak Lah dan Samy Vellu bukan dalam kabinet mahathirka? Ini adalah tanggungjawab bersama kalau dokumen masuk kabinet.
Kalau dokumen tak masuk kabinet, Kementerian kerjaraya yang bertanggungjawab jawab.
Posted by: aminyatim
|
January 5, 2007 05:56 PM
I still remember in the early 90s when toll collecting booths was set up infront of Taman Midah in Cheras. Apart from the amount we the residents have to pay, what really angered all and sundry was there was hardly anything done to the existing road. What the concessionaire had done was just to BROADEN the road to accommodate the booths and a kilometer of a new stretch to connect to the existing road heading towards Leisure Mall. It was a blatant daylight highway robbery to say the least. You can't blame the residents in the area resorting to violence on one night where they bravely confronted the FRU and other police personnel with molotov cocktail and the likes. That demo which almost burned down the toll booths woke the authorities from their slumber and the toll collection was suspended for three years. When the collection was resumed, they decided to half the rate. Too late, the damange was already done and today, none of the BN component parties dare to contest in Cheras and if Ong Ka Ting thinks he represents the Chinese, let him contest here and we will show him the door. By going along with the toll increase, MCA is no longer the voice (and has never been anyway) of the Chinese, so OKT had better stop claiming to be one. He is a total disgrace and an idiot.
Posted by: William D
|
January 6, 2007 07:31 AM
I believe Pak Lah is a good man with good intentions but got stuck cleaning up the mess of his predecessor. For 20 odd years TDM was wreaking havoc doing pretty much what he wanted...and now..its up to PL to clean up the crap! I was one of the dunggus who voted for BN, but not anymore...things are gonna change, a shame tough ...I liked PL more than TDM and was hoping for some improvements....sigh...anyway...I forsee a different future for all uf us from now on, One without a Keris being shoved in our faces.
Posted by: D-Man
|
January 11, 2007 05:49 PM