The state government is pushing ahead with the controversial Penang International Convention Centre. Now who is going to be the lucky developer and main contractor?
See a Sin Chew report here.
In the interest of transparency, FOI etc and as public money is involved, the state government must provide us with the full details of the project, the full cost, the cost to the state/public, and the tender details. The full project value under the Build-Operate-Transfer scheme (see my earlier blog post – PICC and the risks of BOT) may end up much more than the RM50 million subsidy figure mentioned earlier (although the state had budgeted RM50 million for its share of the cost). And if the BOT financial projections fail to materialise, guess who could end up subsidising the PICC even further?
Politicians just love these big projects whose worth to the ordinary person on the street is, at best, questionable. But who profits the most? Probably the developers or contractors. And at whose expense? Of course, the politicians will try and convince us otherwise.