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PKA WITHOLDS SCHEDULED PYMENT TO PKFZ SDN BHD

Port Klang Authority withholds payments over PKFZ

PORT KLANG: The Port Klang Authority has decided to withhold payments due to Kuala Dimensi Sdn Bhd for the Port Klang Free Zone project.
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Its chairman Datuk Lee Hwa Beng said the board had decided to do this pending completion of the full review of the project by the task force already commissioned to take another look into PKFZ.

“As has been previously announced, the PKA has commissioned the task force to make recommendations on action to be taken based on the PriceWaterhouseCoopers report.

“The PKA board has resolved, on the basis of preliminary and provisional views obtained, to withhold these payments pending the completion of the full review by the task force.

“The authority recognises that in not making these payments litigation could result against it. If this happens, PKA will defend these actions and will await the outcome of the litigation, which will determine PKA’s true liability,” he told reporters at a press conference here Tuesday.

The authority was supposed to have paid Special Port Vehicle Bhd, Transhipment Megahub Bhd, Valid Ventures Bhd and Free Zone Capital Bhd totalling some RM660mil payable in four parts this and next month.

The payment is for:

- RM130mil
allegedly payable on or before Tuesday under the Sale and Purchase agreement dated Nov 12, 2002 between KDSB and PKA,

- RM230mil
allegedly payable on or before Tuesday under the Development a greement dated March 27, 2004 between KDSB and PKA

- RM150mil
allegedly payable next month under the supplemental agreement for additional development works dated Nov 30 between KDSB and PKA

- RM150mil
allegedly payable next month under the supplemental agreement for new additional development works dated April 26, 2006 between KDSB and PKA.

The board, he stressed, was taking the action in the best interest of the authority and had not decided so due to pressure from any outside party.

“The Board’s decision is also part of efforts by the ministry to restructure PKFZ’s financial position and seek appropriate legal remedies, including a legal review of some of the agreements it had signed in the past,” he said.

Lee said the full recommendations of the special task force were expected to be submitted to PKA and Transport Minister in August.


WANI MUTHIAH/theStar

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