(In English) Sambil Orang Melayu Masih Lena, Tol Sambung Sampai Kiamat - Orang Kaya Lain Ambil Alih 4 Tol Pula. Keluarga Malaysia Sambung Bayar Saja.

 

COMMENT | It does not mean that if a not-for-profit company is taking over four key toll roads in Kuala Lumpur that there are no risks and concerns - there are some major ones and if things go wrong, it is the government which will be responsible anyway.

There are serious issues of valuation which have to be addressed which could put the entire proposal at risk, such as traffic reductions in the light of increased use of public transport systems, time to expiry of concessions, etc, as we shall see.

Non-profit Amanat Lebuhraya Rakyat Bhd, or ALR, is taking over four toll roads in KL for RM5.48 billion comprising RM1.03 billion equity and debt of RM4.43 billion. If they take over debt, then the initial cash portion is RM1.03 billion for equity.

If they can refinance at a lower rate, they will. Estimated savings for the government is RM4.3 billion in compensations no longer needed for not raising toll rates for the life of the concession. It may involve the possible extension of toll by 5-10 years for roads, but for the one tunnel, there may be a shortening of the concession period.

Here is a continuing comment :

The government’s proposal to restructure four toll concessions is illogical, burden the rakyat, and a bail-out to G---da.

Let me tell you why.

1. The purchase price of RM 3.36b [Kesas RM1.24 billion + LDP RM2.12 billion) is a bailout to G---da. Korporat dibantu berbilion, tetapi rakyat kena keluarkan duit sendiri dari KWSP. *KESAS concession will expire in 8 years, while LDP will expire in 10 years. There are no more toll increases for both highways*. Therefore, the argument by Ismail Sabri and Zafrul to take over these two highways at the cost of RM3.36bil to save on toll compensation is totally irrelevant.

2. Given that the toll for the two highways will expire within 8 and 10 years, where the toll will be handed back to the government for free, why MOF adamant to continue the extension? This is unfair to the rakyat, a burden for current and future generations.

3. Sprint concession will expire in 11 years. Why pay G---da RM1.81 bil when the government can take it back for free in 11 years, and the rakyat don’t have to pay a single sen after 11 years?

4. Sprint and SMART Tunnel are losing money, and not many motorist using it. Why give G---da RM2.1 bil for these two highways? They took the risk, they should bear these losses. 

Why privatize profits, but socialize losses? 

SMART Tunnel is a flood mitigation project and currently running at heavy losses of over RM200 million a year due to high maintenance costs and low traffic. 

It is also important to note that users have an alternative free-toll road above the SMART Tunnel. Among the four highways, SMART only contributes to 2% of the total average daily vehicles. Easy access to the alternative free-toll road has also led to a very low utilisation rate by users of only 34% from its maximimum capacity. Again, why bail-out G---da?

5. Interestingly, the proposal by G---da is THE SAME in terms of valuation as what was submitted to the PH government in 2019. The investment bank that did that proposal was CI-B Bank, where the CEO then was Tengku Z---ul. To add to the drama, the current structure (highway trust) was initially proposed by A--ca Capital, where the owner and director of A--ca Capital is the mother of the current Minister of Fi--nce.

6. Is this what Keluarga Malaysia means? Rakyat dibebankan dan dipaksa membayar tol sampai kiamat, tetapi segelintir kecil hidup senang lenang sepuluh keturunan?

7. This lopsided deal must be stopped immediately.

Comments by OSTB:

Tuan-Tuan, orang yang menulis comment di atas tak faham basic problem negara kita : orang Melayu tak bantah pun.

Industri bank jadi monopoli (oligopoli) orang Melayu tak peduli pun. Depa bukan terlibat bisnes pun. Lagi pun yang jadi CEO Bank "orang kita". orang Melayu juga. so its ok.

Harga kereta dalam negara kita antara yang tertinggi di dunia. Apa pasal? Sebab AP impot kereta yang dipegang oleh kaum elit yang kaya, cukai impot tinggi gila, "protecting local car manufacturers" dsbnya. Orang Melayu tak protes pun. Sebab depa tak faham. Dr Mahathir buat Proton dulu kononnya "kereta nasional kita". Sebenarnya Mitsubishi tukar nama. Tetapi boleh jadi kebanggaan kita konon. 

Kebanggaan kepala hotak apa? Untuk bagi Proton hidup, harga kereta impot lain semua naik gila. Rakyat marhaen yang haprak yang tak faham apa benda pun (kecuali "kereta nasional kebanggaan kita")  terpaksa bayar harga kereta yang mahal. Cukup bulan tak cukup duit bayar kereta, samseng 'tarik kereta' pula datang tarik kereta - depan jiran. Malukan kita saja. Orang Melayu tak protes pun.

Sekarang empat highway tol akan di lanjutkan tol entah sampai bila lagi. Ikut comment di atas, dalam "restructure" highway toll ini ada bailout pula. Banyak cantik.  

Tuan-Tuan sekali lagi kaum elit mesti jadi kaya. Tuan-Tuan yang haprak pula bayar sajalah.

Bangun lah Tuan-Tuan. Sampai bila lagi depa akan perbodohkan kita? This is the 21st century already.  Kita nak terlena sampai bila?  

It is so critical that the Malays wake up and throw out all these politicians. Sebab orang Melayulah pengundi majoriti - especially di Semenanjung Tanah Monopoli dan Tol ini.

Orang Melayu pengundi majoriti. Jika orang Melayu tak ambil peduli, negara kita akan hancur lebur. Tolonglah Tuan-Tuan orang Melayu. Tolong bangun dari tidur, tolong bangkit dari keadaan 'tak tahu tak peduli'.

Artikel ini adalah pandangan penulis dan tidak semestinya mewakili MMKtT.