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Irrational tolls agreement; concessionaires given guaranteed profits, tax exempted – Malaysiakini January 8, 2009

Posted by nikmj in General, malaysiakini, National, news.
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Petaling Jaya Utara Member of Parliament Tony Pua said yesterday that PLUS, the concession holder for the North-South Expressway stands to make a staggering RM25 billion in profits, in the next 20-years.

Pua, who spoke to reporters after scrutinising declassified toll concession agreements at the Works Ministry here, said PLUS made a profit of RM1.2 billion last year and the amount will increase annually till the concession ends, in 2038.

“Under the agreement the concessionaire has all to gain and nearly nothing to lose.”

Pua, who was at the Works Ministry, with Serdang MP Teo Nie Ching and Kampung Tungku Assemblyman Lau Weng San, said PLUS is also exempted from paying taxes on its profits.

As such, he said DAP was justified in objecting to the privatisation of PLUS to United Engineers Malaysia (UEM) in 1988.

“It was a hot issue, which was used as one of the justifications by the Government to detained 16 DAP national leaders, including Lim Kit Siang and Karpal Singh, under the ISA, during Operation Lalang.”

Teo, who got a first look at the concession agreement this morning describe it as a ‘profit guaranteed’ contract, which favours the concessionaire.

Under the agreement, the company can impose higher toll charges if traffic volume is less than what is projected, while the government will have to provide compensation if it objects.

She said the original 30-year-concession, signed in 1988, had already been extended further by 20-years, as a form of compensation.

Teo said terms in a supplementary agreement, signed in 1999, made it virtually impossible for the government take over the concession.

“Besides having to pay the cost of construction, which was just RM5.94 billion, and any outstanding loans owed by the company, the Government would be forced to pay an amount equal to future profits.”

Teo questioned the Government’s rationale in entering into the agreement in the first place.

“Why privatize the highway, when they could have built it and run it themselves.”

Meanwhile Pua also dismissed assertions by Works Minister Datuk Mohd Zin Mohamed yesterday that buying back some of the concessions, such as Lebuhraya Damansara-Puchong (LDP), would be too expensive.

He said the LDP was constructed at a cost of only RM1.327 billion but to date the company had received RM630 million in compensation for not raising toll charges and would continue to receive RM75 million annually.

“The numbers are stark and it is obvious that it would be better for the Government to buy back the concession rather than continuing to pay compensation.”

Courtesy of  The MalaysianInsider

Comments»

1. Saji - January 8, 2009

Mengapa terlalu mendesak kerajaan membeli balik konsesi tol lebuh raya?

Kerana terlalu menyedari syarikat konsesi tol lebuh raya meraih keuntungan berlebihan yang ditegah Islam?

Kerana pinjaman bank bagi pembiayaan projek konsesi lebuh raya berdasarkan riba yang ditegah Islam?

Kerana wujud amalan rasuah dalam pelaksanaannya yang ditegah Islam?

Kerana projek tidak ditender atau dilelong untuk mendapatkan pakej tawaran konsesi yang lebih baik atau berpatutan yang ditegah Islam?

Kerana pakej kerja pembinaan lebuh raya dan pasarana sokongannya menggunakan sistem kontrak pembinaan jenis price-in-advance atau Islamnya kontrak al-istisnaa’ atau Melayunya kontrak tempahan yang ditegah Islam atas alasan ia bukan kontrak tetapi tanggungjawab memenuhi janji, atau menggunakan kontrak tersebut tetapi tidak meminjam syarat pembayaran kontrak salam (jual beli barangan yang tidak wujud ketika akad) yang menghendaki syarikat konsesi tol membayar wang pendahuluan 100% kepada kontraktor utama ketika akad yang ditegah Islam?

Atau, mewujudkan isu bagi mencari publisti untuk mendapatkan kemenagan politik?

Atau, mahu memastikan barangan keluaran tempatan lebih murah dan kompetitif untuk menembusi pasaran luar?

Atau, mahu memastikan harga barangan tempatan yang tidak turun-turun walaupun harga minyak dah banyak turun akan akhirnya diturunkan oleh peniga dan pemborong?

Atau, mahu memastikan tikit bas yang melalui lebuh raya bertol tak jadi dinaikan ?

Walau apapun jawapanya, saya percaya, ramai yang akan menganggap hujah Islam di atas adalah yang paling lantang dan mampu memaksa kerajaan membeli balik konsesi tol lebuh raya. Mengapa?

Kalau ‘ye’ kenapa tak timbulkan sebelum ini?

2. perunding - January 8, 2009

yes.
tell the people about IPP as well.
more interesting.
rm3.5billion anually for nothing even there is 40% unused or oversupply of energy.

3. nikmj - January 9, 2009

To saji,
Sebelum ni hal ini tidak timbul kerana Perjanjian Konsesi tidak dibenarkan dari pameran kepada rakyat jelata kerana ia diwartakan sebagai Akta Rahsia Negara.

Bila dah tahu yang terdapat sesuatu yg tidak betul dalam perjanjian tersebut, dimana KERAjaan seperti sengaja memberi keuntungan percuma kepada konsesi, maka sebagai rakyat kita mesti menentang kezaliman dan korupsi


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