The DAP merry men, led by its pied piper Dear leader – Lim Guan Eng have all become logistics experts. This is part of a long list of expertise that DAP have acquired suddenly since 2008 including debt reduction experts ( pass the debt to someone else lah), environment experts (cut the hills in Penang when nobody looks) and experts debaters.
Okay la, to be fair they haven’t mastered debating yet judging from Guan Eng’s performances vs Soi Lek, but he is slowly improving. You should have seen him attempt to make a proper argument back in the 90s.
Anyway, back to the Penang Port. StopTheLies would like to give you some background information on this port, so you see what the real issue is.
Penang Port has not made a profit in years. It is heavily in debt and the management of the port is unable to think of a realistic way forward to save the port. In their desperation, they figured that the port should be turned into a transhipment port (an international port handling massive cargo like Port Klang and Tanjung Pelepas). To do this, they borrowed more than a billion ringgit from banks with repayments of hundreds of millions ringgit starting very soon.
The problem is the port only made 180,000 ringgit last year. Yes you read it right – 180k. How on earth are you going to pay hundred million to the bank in interest and repayment yearly when you only have 180k in your pocket??
Sensing a potential bailout situation, the Cabinet decided that the port be privatized. This is to avoid a situation where taxpayers have to pay billions in a few years time. Malaysia has had enough of bailouts lah so the Cabinet does not want another mess.
Several companies bid for the project, and Seaport Terminal (Syed Mokhtar’s company) won it based on their track record at PTP as well as Johor Port. It must be noted that two international bidders were part of the process too.
Okaylah, you want to argue Syed Mokhtar is a crony also can but bear in mind the bid itself was above board. Got international bidders so hard to play around with the process lah.
Of course now, DAP is attacking the government for privatizing the port to Syed Mokhtar. What they don’t tell you is that Syed Mokhtar is taking on Penang Port’s massive debts. They also don’t tell you that the union of almost a 1000 workers are fully behind the privatization. It is only a few at the management level that are against it because they will be the first to get kicked out (you run the port to the ground you expect to keep your job ah? ) once the take over is complete. These few have aligned themselves to Guan Eng and Dear Leader also happy to be their buddy.
To add more drama, DAP has started a campaign to keep the port for Penangites. Gerakan also running a similar campaign. This a dangerous card to play. How can people of a state say a port is theirs? Like that Pahang people can say Kuantan port is theirs!
Ports are national entities. No where in the world can a state own a port. And lets be honest lah, Guan Eng is from Melaka. So what crap is he talking about?
What we can see here is that DAP is as usual putting state matters ahead of national interest. They rather a situation where Penang Port collapses and is in need of a bailout costing us billions rather than leave the port to the professionals at Seaport. All this so they can make up another electoral issue.
DAP for the people? Think again please.