{"id":7701,"date":"2014-04-02T12:59:18","date_gmt":"2014-04-02T04:59:18","guid":{"rendered":"http:\/\/www.therocket.com.my\/en\/?p=7701"},"modified":"2014-04-02T12:59:18","modified_gmt":"2014-04-02T04:59:18","slug":"selangor-water-deal-gamuda-holding-citizens-ransom-to-maximise-profits-says-pakatan","status":"publish","type":"post","link":"https:\/\/www.therocket.com.my\/en\/selangor-water-deal-gamuda-holding-citizens-ransom-to-maximise-profits-says-pakatan\/","title":{"rendered":"Selangor water deal: Gamuda holding citizens ransom to maximise profits, says Pakatan"},"content":{"rendered":"

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Gamuda’s unwillingness to cooperate with the federal government’s move to acquire Selangor water operations shows that Gamuda is placing its interest above the\u00a0<\/em>rakyat’s,<\/em> say Pakatan MPs.<\/p>\n

In a joint statement today Tony Pua, Rafizi Ramli and Dr Dzulkefly Ahmad accused Gamuda of “holding Selangor citizens ransom” in order to maximise their shareholder profits.<\/p>\n

The MPs hit out against Gamuda Berhad’s chief Lin Yun Ling\u00a0for the latter’s comments on the government’s possible invoking of Water Services Industry Act\u00a02006\u00a0(WSIA) to acquire the Selangor water operations.<\/p>\n

\u00a0Lin had reportedly told The Edge Financial Daily last Friday that \u201cWhen investors look at it, they will question where the sanctity of the contract is.Why can\u2019t they do it on a \u2018willing buyer, willing seller\u2019 basis? The blame will be on the federal government because it is the only one who can invoke WASIA.”<\/div>\n
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Calling this statement hypocritical, the Pakatan leaders said that Gamuda should not use “sanctity of contract” as an excuse to renegotiate terms, as there were already explicit terms in the concessionaire contract regarding concession termination and buy back\u00a0by the Federal and\/or state governments.<\/div>\n
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Gamuda\u2019s subsidiary, Syarikat Pengeluar Air Selangor Holdings (SPLASH) had willingly signed these concessionair contracts and hence Gamuda is bound by the terms.<\/div>\n
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The Pakatan MPs explained that according to these terms, in the event of terminating the concession, the Government will have to compensate the concessionaire by acquiring the value of the water assets under the concession, as well as to ensure that the concessionaire will receive a mininum return of 12% per annum for the\u00a0previous\u00a0years of operations.<\/p>\n

“The Government is not even legally obliged to take over the loans which have been undertaken by the concessionaires, as the Federal Government has done for SPLASH,” they added.<\/p>\n

Lin’s refusal to honour the contract had \u00a0shown that he wanted unreasonable returns for his shareholders, they said.<\/p>\n

“Hence, Lin isn\u2019t only refusing to honour the sanctity of the concession contracts, he wants to defy the law which was drafted by the BN Government in consultation with the privatised water industry players.<\/p>\n

“Lin wants the water deal inked not on a \u201cwilling buyer, willing seller\u201d basis.\u00a0\u00a0He wants a \u201cdelirious seller, extorted buyer\u201d deal,” said Rafizi Ramli, Tony Pua and\u00a0Dr Dzulkefly Ahmad who also asserted that\u00a0the state government had tried its best to conduct a \u201cwilling buyer, willing seller\u201d deal for the past 6 years but without success.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Gamuda’s unwillingness to cooperate with the federal government’s move to acquire Selangor water operations shows that Gamuda is placing its interest above the\u00a0rakyat’s, say Pakatan MPs. In a joint statement today Tony Pua, Rafizi Ramli and Dr Dzulkefly Ahmad accused Gamuda of “holding Selangor citizens ransom” in order to maximise their shareholder profits. The MPs […]<\/p>\n","protected":false},"author":1,"featured_media":7702,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[274],"tags":[],"class_list":["post-7701","post","type-post","status-publish","format-standard","hentry","category-national"],"_links":{"self":[{"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/posts\/7701","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/comments?post=7701"}],"version-history":[{"count":3,"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/posts\/7701\/revisions"}],"predecessor-version":[{"id":7714,"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/posts\/7701\/revisions\/7714"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/media\/7702"}],"wp:attachment":[{"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/media?parent=7701"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/categories?post=7701"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/tags?post=7701"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}