Thursday, October 11, 2018

It's taken 20 years, but Gamuda is finally being made to account for its sins:Ganesh Sahathevan investigations into Gamuda go back to 1996.

by Ganesh Sahathevan 

Image result for gamuda mmc

First history:

The Sun reporters sacked for exposing Litrak in 1999

Both Ganesh Sahathevan and Alan Yeoh were sacked after writing several articles concerning Litrak, See Hoy Chan and EPF. ..............

And today:

Gamuda still down as MRT2 spat blows up


The Sun, Wednesday, 24 April 1996, Business p1:
By Ganesh Sahathevan
KUALA LUMPUR -- Lingaran Trans Kota Sdn Bhd (Litrak), the company to
which the Damansara Puchong-Putra Jaya highway, has been privatised
for 33 years, has been given two special financial facilities by the
government to finance the construction of that highway.
     The first is a RM535 million fixed rate loan from the Employees
Provident Fund (EPF), for a term of 13 years which Litrak director
Lin Yun Ling described as "uncommon" at a press conference yesterday
because the EPF normally lends for only 5-8 years.
     The second facilities is a RM98 million loan at concessional
rates.  The rates have yet to be determined by the Finance Ministry.
     Litrak is partly owned by Gamuda Bhd, a KLSE main board company
in which Lin is managing director as well as a substantial
shareholder.  Gamuda's statke in Litrak is 49 per cent while the
rest is held by Irama Duta Sdn Bhd.  Irama Duta's largest
shareholder is Yusoff Daud.
     Lin said the government requires Litrak shareholders to invest
RM300 million in the concession company over the next three years,
until completion, scheduled for 1999.  Litrak was formally awarded
the concession yesterday at a ceremony officiated by Works Minister
Datuk Seri S. Samy Vellu.  He also said the highway will cost about
RM26 million per kilometre to construct, compared to RM4 million to
RM11 million for the North-South Highway.
     Litrak will raise about RM1.37 billion to finance construction
of the 40 km 6-lane highway.  Apart from the money provided by the
government, a RM535 million floating rate facility and a RM300
million bridging loan are being arranged by a syndication led by
Malaysian Banking Berhad (Maybank) and Public Bank Bhd.  Maybank and
Public Bank are also acting as guarantors for the loan from the EPF.
The company would qualify for the listing of infrastructural
     However, Lin said listing is not being considered as a means
of finance.  Once the highway is completed, toll will be collected
from 4 points.  Lin said the toll rate has been determined and is
subject to government approval.  The concession agreement also
provided for the toll rate to be increased only twice, in 2007 and
in 2016.
KUALA LUMPUR -- Projek Lebuhraya Utara Selatan Sdn Bhd (PLUS) may
proposed a new formula to determine toll rates.  The formula will be
subject to the volume of traffic on its highway, said Works Minister
Datuk Seri S. Samy Vellu.
     He acknolwedged that under the present toll rate structure,
PLUS will not be able to repay its loans which he estimated at RM6
billion.  He said this after signing an agreement yesterday awarding
concession for the privatisationof the Damansara-Puchong-Putra Jaya
     He was asked to comment on how the new formula for setting toll
rates might apply to PLUS.  He said the new formula is based on
revenue collected rather than the traffic volume, and has been
devised by the Economic Planning Unit.  
     The need for a revised toll structure was raised by PLUS
chairman, Tan Sri Raden Soernarno, who had said PLUS would not be
able to meet a payment in July of RM670 million in principal and
interest, for current toll collection is only RM450 million.

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