historic day for pac
Today in Parliament, I had another Public Accounts Committee meeting. This is a historic day for the PAC, whereby the Ministry of Youth & Sports and Ministry of Transport reported back to us on our recommendations.
Previously, PAC recommendations are largely either forgotten or ignored by the ministries. Today, both ministries presented reports of the actions they have taken, based on our recommendations.
I am particularly happy to note that the new management of Bukit Jalil National Stadium are now on top of the issues. With good effort, the stadium should self pay its operational costs in the next few years.
As for the issue of the 11 marinas built in 2003, the MoT is doing a feasibility in November on next steps; whether to privatise, keep or close down for good. The entire marina project cost the taxpayers RM323 million in 2003, of which the net result is six of these marinas are a total loss and have to be completely written off.
On my estimate, the capex loss is RM180 million. And we haven’t yet calculate the time value of money. Nor the operational losses for the last 16 years. There is a very important lesson here; no more unfeasible mega projects and no more crony capitalism.