Published: Friday April 20, 2012 MYT 6:30:00 PM
Updated: Friday April 20, 2012 MYT 11:05:04 PM
PKA paid RM1.32bil during Tee Keat's tenure, says chairman
By TEH ENG HOCK
PORT KLANG: The Port Klang Authority (PKA) paid RM1.32bil to bondholders of Kuala Dimensi Sdn Bhd (KDSB) during Datuk Seri Ong Tee Keat's tenure as Transport Minister despite an ongoing dispute with the turnkey developer of Port Klang Free Zone (PKFZ).
PKA chairman Datuk Teh Kim Poo said two payments were made between 2009 and June 2010 amounting to RM660mil each, and PKA has merely continued with the payments when Datuk Seri Kong Cho Ha took over as Transport Minister.
“I think there is a contractual agreement. That's why we are paying (the bondholders),” Teh told reporters here.
PKA finance manager Adnan Abidin confirmed that PKA had signed a letter of undertaking.
Teh reiterated that PKA is not paying KDSB, but a consortium of financial institutions who have issued the bonds.
“KDSB has already been paid early on. As for the issue of non-compliance, that's why we took them to court.
“If we have to pay KDSB today, we will not pay,” he said.
To date, Teh said PKA had already paid RM2.67bil to bondholders, with another RM1.6bil outstanding.
“Of the RM2.67bil, we paid RM500mil in cash. The rest is a loan from the Finance Ministry, with an interest of 4%,” he said, adding that the payments to bondholders must be completed by 2017.
Despite the payment, Teh said PKA still had RM300mil cash in hand, and is able to re-pay RM100mil every year from port revenues.
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