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Wednesday, July 9, 2014

‘BN diverting attention from Bernas, YTL’

The issues involving Bernas and YTL are doing more harm to the public in terms of higher cost of rice and electricity than the imaginary threat from non-Muslims, says DAP
lim guan engGEORGE TOWN: Deputy Prime Minister Muhyiddin Yassin and Barisan Nasional are exploiting the imaginary threat from non-Muslims to distract attention from the real issues involving Bernas and YTL, said DAP secretary-general Lim Guan Eng.
Lim said Padiberas Nasional Bhd (Bernas) had the monopoly over rice under a privatised project in 1996 and the concession agreement was extended to 2021 in 2011.
“Until now, BN has refused to explain why such an extension was given,” he said in a press statement.
Lim said BN must also come clean on why a tax waiver of RM2.25 billion in duties on rice imports between 2008 and 2013 was given to Bernas.
He asked how such a RM2.25 billion tax waiver was benefitting the public.
“If the price of rice did not go down or benefit the poor padi farmers, then the only beneficiary is the private crony and this is a betrayal of public interest,” he said.
“Did Bernas receive a similar tax exemption before 2008 when it was first privatised in 1996,” he asked.
He said Bernas’ shareholders were lucky that the company not only obtained a monopoly on rice imports without an open tender but also a RM2.25 billion tax waiver.
“Were Bernas’ ultimate shareholders privy to information on the RM2.25 billion tax waiver that it influenced the majority shareholders’ decision to privatise Bernas in April and removed it from Bursa Malaysia stock listing?” he asked.
Lim said another BN crony was YTL Power, which was listed in 1997, after securing the concession agreement as the first IPP in Malaysia.
Since then, YTL Power has paid out 36.3% of earnings to shareholders as dividends.
“YTL’s success is due to the 15%-19% internal rate of return for an IPP and the compulsory power purchase agreement with Tenaga Nasonal Bhd to take up at least 90% of the capacity of its plants,” he said.
He added that the favourable concession agreements given to IPPs did not benefit the public in terms of lower electricity charges.
“Tenaga is also forced to buy power it does not need when it has a reserve margin of nearly 30%, one of the highest in the world.
“These crony projects have either cost the government to lose out on revenue it can otherwise collect,” said Lim.
He said this had resulted in Malaysians paying a higher than market price for commodities and services.
“Why are these BN cronies who have earned billions of ringgit not threatened in the same manner that ordinary non-Muslims are threatened with May 13?” he asked.

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