This DAP Ong Kian Ming is a bit strange. In the year 2011, Government already officially clarified what is Pembinaan PFI Sdn Bjd. The PFI stands for Private Financed Initiative and was created on day one as a SPECIAL-PURPOSE VEHICLE to part-finance viable public-private financed projects using borrowings from EPF. The way they borrow this money is by using Federal Land holdings as collateral to borrow from EPF. This is why the Federal Land was transferred to Pembinaan PFI and subsequently leased back by govt via semi-annual lease payments. Pembinaan PFI then uses these lease payments to pay the interest on the loans to EPF. The money in Pembinaan PFI are then channeled to the various govt agencies implement viable govt projects together with the private sector taking the lead as part of Public-Private partnership initiatives. The PFI funds are known as Akaun Amanah Aktiviti Pembangunan Khas Pembiayaan Swasta or Special Development Activity Finance Fund Set up on December 23, 2011, PFI II had received RM10 billion from Syarikat Pembinaan PFI Sdn Bhd until December 31, 2013. and prior to this PFI 1 received RM20 billion. How can the govt be hiding Pembinaan PFI? The govt already stated as early as 2011 that these funds are to provide off balance sheet financing for public-private projects. This is called off-balance sheet because it is borrowings from EPF based on land assets and not via normal govt bond issues. In fact in the Audit Report 2013, the audit report said: nst.my/node/51833 Forty-five out of 313 projects under the Special Development Activity Finance Fund (PFI II) spent less than 50 per cent of the allocations approved until December 31, 2013. The Auditor-Generals Report 2013 Series 3 revealed that amount spent was between one and 42.5 per cent. On the whole, RM225.65 million or 25 per cent of the allocations amounted to RM904.26 million had been spent by eight ministries/ departments to finance 45 projects, the report read. These PFI projects are different from normal govt tender projects where govt takes most of the risk and pays for the total spending. PFI initiatives are private-sector led and includes such projects like the building of UiTM campuses where the private sector comes out with most of the money and takes the lead while govt takes a stake in this project either thru equity ownership or soft loans and the govt then leases back the assets or pays the private company for services. YB Ong Kiam Ming, Please stop misleading zombies. Govt has been very clear what this Pembinaan PFI is and what the objectives are. SPVs are not unique and have been used by foreign govts for decades - especially by Britain. I suggest you read the book: tinyurl/mz6k23j --- Pembinaan PFI Sdn Bhd PPFI ditubuhkan pada 28 September 2006 sebagai Special Purpose Vehicle (SPV) untuk mendapatkan pembiayaan berjumlah RM20 bilion daripada Kumpulan Wang Simpanan pekerja (KWSP) bagi membiayai projek pembangunan dalam Rancangan Malaysia Ke-9 (RMKe-9) yang telah dikenal pasti oleh Unit Perancang Ekonomi, Jabatan Perdana Menteri. Mekanisme off budget ini bertujuan untuk mengurangkan tekanan ke atas defisit Kerajaan supaya tidak terjejas rating Kerajaan oleh pihak rating antarabangsa (spt Moody rating). Liabiliti syarikat PPFI akan terus menunjukkan peningkatan dari setahun ke setahun sehingga pembayaran balik kepada KWSP mulai tahun 2013. PPFI mencatatkan jumlah keuntungan selepas cukai semakin berkurangan bagi tempoh 3 tahun berturut-turut memandangkan PPFI hanya beroperasi untuk mendapatkan dana bagi membiayai projek pembangunan Rancangan Malaysia Ke 9 (RMK9) dan seterusnya akan membuat bayaran balik pinjaman berkenaan dalam tempoh yang dipersetujui. PPFI dijangka akan mengalami kerugian mulai tahun 2013 apabila pembayaran balik kepada KWSP mula dilakukan. Selain itu keuntungan tersebut adalah hasil daripada pelaburan simpanan tetap dan bukan daripada keuntungan operasi syarikat. Audit Report 2011: https://audit.gov.my/docs/BM/LKAN2011/Persekutuan/MASTER%20-%20Mbls%20Treasury%20LA2011.pdf
Posted on: Fri, 14 Nov 2014 03:04:53 +0000
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