PKFZ: PKA pays up after gov't, bondholders pressure

• The Port Klang Authority will, after all, pay RM660 million due to the PKFZ contractor after an intervention by the Treasury and bondholders of affected companies.MORE

• 	Treasury warns of repercussions
  	RM360 mil paid today

Kuala Dimensi is the turnkey contractor for the troubled PKFZ project and according to the audit report on the project by Pricewaterhouse Coopers (PwC), has already been paid RM1 billion thus far. The PwC report, commissioned by Transport Minister Ong Tee Keat, has led to revelations implicating two former transport ministers and many other politicians who once sat on the PKA board or control Kuala Dimensi for financial irregularities. The audit report by PricewaterhouseCoopers on the PKFZ project found that the development cost for the project may balloon up to RM12.5 billion from an initial cost of less than RM2 billion. Todate, no one has been charged of any wrong doings. (Source: Mkini - Support Mkini - Subscribe to Mkini!)