BN's style is 'privatising profits, socialising losses' - Guan Eng

The previous BN administration's approach towards highway operators was to "privatise profits and socialise losses", said Finance Minister Lim Guan Eng.

In contrast, Lim said Pakatan Harapan's approach not only eliminated scheduled toll charge increases for the North-South Highway, but also eliminated the need to compensate the highway operators with tax money.

"We want the profits to go back to the people of Malaysia. We were able to do what BN cannot do. We have reduced toll rates," he told reporters in Kuala Lumpur today.

Lim was responding to criticisms by BN against Harapan's decision to extend Plus Malaysia Bhd's contract by 20 years in exchange for the company lowering toll charges by 18 percent and eliminating the need for compensation.

Plus is 51 percent owned by Khazanah Nasional Bhd and 49 percent by the Employees Provident Fund.

Lim said claims by BN leaders that they had succeeded in removing toll booths during their time was not as significant as Harapan's achievement.

"They claimed 'Oh, we have stopped one or two toll (booths)'. We can do that too. But what is more important than the North-South Highway?

"That is the big one. The game-changer. This is the one that matters (most)," Lim said.

The North-South Highway spans from Jitra in Kedah to Johor Baru, Johor, linking up all major cities along the West Coast of Peninsula Malaysia.

Lim said that BN's approach to Plus was to allow the company to increase toll charges by five percent every three years.

"Of course, it was not increased then (for political reasons)... (and instead) they needed to pay compensation (to the highway operators)," he said.

Lim said that unlike BN, Pakatan Harapan's approach towards Plus was to not only reduce the cost for consumers but also to eliminate the need to compensate the company.

The tradeoff was that Plus' highway operations contract will be extended by 20 years, he said. - Mkini