Gamuda LITRAK raiding EPF for cheap loans, covered-up by Vincent Tan's Sun Media is a matter for the MACC - MACC can and will go back 30 years to investigate corruption

 by Ganesh Sahathevan 

In the matters of Daim Zainuddin  and  Mirzan and Mokzhani Mahathir  the MACC has demsontrated a willingness to go back at least 30  years in its investigations. Given that precedent, there is nothing to prevent an investigation into Gamudda and  LITRAK raiding the  EPF for cheap loans.

As previously reported Vincent Tan's The Sun,its editors Rejal Arbee and Andy Ng, and the Industrial Court chairman Saufee Affandi all played a part in keep that matter out of the newspapers. 

TO BE READ WITH 

Former Industrial Crt Chairman Saufee Affandi's handling of evidence against Gamuda, Litrak & EPF requires investigation-coverup by a judicial officer a serious matter that goes to the reputation of the Industrial Crt

 by Ganesh Sahathevan 

The conduct of the former Industrial Court Chairman Saufee Affandi in the matter of Ganesh Sahathevan v Sun Media (which he chose to name Sun Media v Ganesh Sahathevan) has been previously reported on this blog.  

In the matter the Industrial Court was also presented with evidence of this writer's investigation into the EPF's controversial financing of the LITRAK Highway project. Saufee ignored it, and indeed implied that the story and investigation was false. However, the matter was later raised by YB Ronnie Liu on his website:

 

The Sun reporters sacked for exposing Litrak in 1999

And of course, Gamuda, which controls Litrak, which it formed to hold the LITRAK Highway toll road concession, remains a controversial company: 

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

In addition, the conduct of the EPF, and its management of contributors money, remains a matter of concern, as it has in the past. 

Saufee and thus the Industrial Court chose to involve themselves in the issue of Litrak, its EPF financing, and the award of the LITRAK Highway concession to Gamuda. It is now for The Industrial Court to explain its conduct.

END 

TO BE READ WITH 

The Sun reporters sacked for exposing Litrak in 1999

I am reproducing this message sent to me today for readers of Colour-blind.

Both Ganesh Sahathevan and Alan Yeoh were sacked after writing several articles concerning Litrak, See Hoy Chan and EPF. Gamuda’s executive director Dato’ Lin Yun Ling happens to be the brother of Dr Lin See Yan, the former deputy Governor of Bank Negara. Tan Sri Ramon has responded to say that he only owns 1,000 shares and he bought the shares after retirement from civil service. We were not sure how much shares were owned by AAB and Napsiah Omar.

———- Forwarded message ———-
Date: Sun, 29 Aug 1999 08:31:35 PDT
From: ganesh sahathevan <g_sahathevan@hotmail.com>
Subject: LDP Highway:A highway to Government indulgence

The owners of the privatised Lebuhraya Damansara Puchong(LDP), Lingkaran
Trans Kota Holdings Bhd (Litrak),have just announced that their revenue
is , and will continue to be higher then expected.

It’s executive director and substantial shareholder,Dato Lin Yun Ling,
has even announced that the company has a surplus of about RM 200 m in
cash.

All this after the Government agreed to pay Litark RM 85 million,at the
height of the recession, in “compensation”, for revenues lost when the
company agreed not to raise toll rates by RM0.50, as provided in the
concession agreement with the Government.

This “compensation” may sound fair, but one must consider the assistance
that the Government has ALREADY provided the company.

First, there was a RM535 million fixed rate loan from the Employees
Provident Fund (EPF), for a term of 13 years which even Lin Yun Ling
described as “uncommon”; EPF normally lends for only 5-8 years.

Then,there was a RM98 million loan at concessional rates.  The rates
have yet to be disclosed by the Finance Ministry.

On top of all this there is also a RM 100 million grant to pay for land
acquisition.

Some analysts say that the RM 85 million the Government has given Litrak
is actually in excess of the revenue that the company might have lost by
it’s own estimates.

The main beneficiary of the Government’s kindness has been Lin Yun Ling,
whose Gamuda Bhd,constructed the LDP in a joint venture with Yusof Daud,
for a cost of RM 600 million, or RM 40 million per km. In comparison,the
NKVE only cost RM 10 million per km.Lin and Raja Elena of Perak are
Gamuda’s two largest shareholders.