Seven failed privatised projects, RM11 billion bailout (as usual)

[invisibleghost]

A staggering RM11 billion - that’s what the government has spent over the years to bail out debt-ridden companies behind seven failed privatised projects, the Dewan Rakyat was told today.

Topping the list were the two light-rail transit (LRT) service providers Putra and Star, followed by national carrier Malaysia Airlines.

The Seremban-Port Dickson highway, Kuching’s new prison, national sewerage system and a Muslim food and consumption research unit all required a government takeover as well.

Deputy Minister in the Prime Minister’s Department, Abdul Rahman Suliman, revealed this in a reply to Ismail Sabri Yaakob (BN-Bera) during Question session today.

Elaborating, Abdul Rahman said that, in the majority of these cases, there was a full takeover in terms of equity ownership and administration of the companies.

However, in the case of the Kuching prison project, the Public Works Department took over directly.

Despite the enormous cost, Abdul Rahman claimed that the privatisation policy “has been largely successful”.

“Since the privatisation policy was implemented in 1983, a total of 490 projects have been privatised successfully,” he said.

To a supplementary question from Lau Yeng Peng (BN-Puchong), the deputy minister said the failures in the seven projects have enabled the government to gain “vast experience”.

However, he said the government will ensure the viability of privatised projects under the Ninth Malaysia Plan before these are carried out.

Over the years, opposition leaders and foreign investors have criticised the policy as promoting crony capitalism and for being the cause of a widening income-divide.

The privatisation policy was started under the administration of then premier Dr Mahathir Mohamad, with large infrastructure projects being farmed out to favoured private companies.

However, some encountered spectacular failure and were subsequently re-nationalised.

Merger proposal questioned

On another matter, Ahmad Zainuddin Omar (BN-Larut) was heckled when he asked Abdul Rahman a supplementary question about the proposed merger of two newspaper organisations.

Ahmad Zainuddin, the acting Backbenchers Club chief, wanted to know the rationale for - and if consensus has been reached - over the proposed merger of New Straits Times Press Bhd and Utusan Melayu Bhd.

At this juncture, several backbenchers were heard questioning why the Larut MP was asking the question when the merger has yet to be confirmed.

Mohamed Aziz (BN-Sri Gading) said: “We disagreed with the merger, why ask about the merger?”, while Mohd Said Yusof (BN-Jasin, left) remarked “It (Utusan Melayu) is a Malay asset”.

Ahmad Zainuddin did not back down, but asked whether the grassroots views have been taken into consideration over the proposal.

The deputy minister said he could not answer the question as the two groups are private companies and this was not a question of privatisation.

However, he said government-owned companies will have to take into consideration their social obligations, not just profit motives, in making decisions.The Dewan Rakyat adjourned sine die today

 

[Tohsan]

ya God dam the crony!

 

[NOSkill]

These companies are smart!!!

Just imagine if you have a company that supported by the government, would you care if it makes profit or not?? You just care how much money you put in your own pocket because the government will give you more money.

 

[NOSkill]

Also, WTF is Muslim food and consumption research??

 

[netmatrix]

So from this, next time we hope people would come to their senses and vote for the non regulars la. Which means non BN fellas. Then hopefully whatever happens later would be much much better than now.

 

[Lennon]

Also, WTF is Muslim food and consumption research??

This is disgusting and obsurded....... We pay taxes for Mosques, kampung developments, unusable community halls and facilities?? Now they have 'Muslim food and consumption research' :emoticon_U:??? Whats next?? 'Muslim luxury items research'?? Chinese and Indian didn't even get funded for temple they built...... And we pay more taxes than the fellas prayed in mosques...... F@#K them.....

 

[satria_95]

ya God dam the crony!

Dude, God doesn't damn people. God loves everyone. It's just that many people ignore God and do things their own ways. In addition to that, they do things against God's teachines. Mind me for saying this, but God's teachings in life and how to live a good life is rather basic, I'd say. It's basically stuff like do not lie, do not cheat, do not steal, etc. However, I won't say that Allah teaches the malays to do nonsense stuff. I strongly believe that the malays twisted the islamic teachings into evil and dark teachings, all just to suit what they want to do here on the face of the planet. If I was a muslim, I'd long step out of being one until Allah does something about his creations that has now turned into forsakens.

 

[Saga Continue]

u cant say that bro.....if u are a muslim why u wanna quit because a certain race which called themselves muslim perverted the first teaching of islam "all man are equals in the eye of Allah, the most gracious, the most mercifull".......beside.......there is more muslim chinese in china then there is muslim malay in malaysia........u expect them to quit the religion because what the malays did here?.......i dont think so bro....actually bro......3 of my cousins married a chinesse......and they converted to islam and shamefully i say.....most of our new brothers are more pious and understand islam more than us who was born a muslim....