Look what Santa pulled out of his sack – again – for Syed Mokhtar Al-Bukhary! The well-connected tycoon, the eighth wealthiest Malaysian with a net worth of RM5.3 billion according to Forbes, has reportedly landed Penang Port, days after his MMC, along with Gamuda, was awarded the job of KL MRT project delivery partner.
See Insider report here. The news is made public at a time when most Malaysians are in holiday mode and soon after MCA president Chua Soi Lek was appointed as chairman of Penang Port Commission. The chairman of Penang Port Sdn Bhd is Hilmi Yahaya, a Penang state assembly member from Umno. Redza Rafiq Abd Razak,a PPSB director, is the head of the Umno Cyberjaya Centre branch and Chief Executive of The Northern Corridor Implementation Authority
Appallingly, the port has not been handed over to the Penang state government to manage. The federal government had already spent about a billion ringgit of public funds in upgrading the port areas in Penang. Now, it looks as if even the iconic Penang ferries will also fall into private hands.
The larger issue, apart from handing over public assets to well-connected individials/firms, is the scourge of privatisation (at what valuation?), which undermines the spirit of public service and community solidarity.
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