Source by : The Malaysian Insider
June 21, 2012
June 21, 2012
JUNE 21 — It’s a long way from “committed” to “actual”. PEMANDU trumpets in its Annual Report that the ETP has brought in RM179 billion of investments. What is downplayed is that the RM179 billion is for committed investments. Actual investments under the ETP were just RM12.9 billion — a mere 7 per cent of the RM179 billion committed.
The committed investments figure is also doubtful. We found at least five projects worth RM17 billion where the ultimate investments may be less than promised. For example, PEMANDU took “110 per cent” credit for villa pre-bookings at the RM9.6 billion Karambunai Integrated Resort. But the project developer is being sued for defaulting on RM18 million of rental payments. Does it have the financial capability to deliver the new villas?
read more.....
http://www.themalaysianinsider.com/sideviews/article/dissecting-the-etp-annual-report-part-3-it-was-only-rm12.9-billion-of-actual-investments-ong-kian-ming-and-teh-chi-chang/
No comments:
Post a Comment