Media Statement by Dr. Ong Kian Ming, MP for Serdang, on the 23rd of November 2014
In the 2013 Annual Report for the Port Klang Authority (PKA) which was given to Members of Parliament earlier this week, the office of the Auditor General stated the following:
“As disclosed in Note 15 to the Financial Statements, the long term liabilities of Port Kelang Authority as at 31 December 2013 amounting to RM4.24 billion. Based on the Port Kelang Authority’s current financial position, its ability to settle the long term liabilities are subject to the continuous financial support from the Government.”
PKA has been bleeding red ink as a result of the massive financial commitments linked to the development of the Port Klang Free Zone (PKFZ). In the four years since 2010, PKA has suffered a total net loss of RM674million. In 2013, the total finance costs paid by PKA amounting to RM203.8m was only slightly less than the total revenue of PKA which was RM217.4m.