IPP deals: Billions for tycoons, peanuts for the poor

YOURSAY 'The IPPs enjoy super-profits twice - they enjoy profits until the contract almost expires, then dispose the company off to the government.'

PKR: 1MDB's purchase of ageing IPPs questionable

your sayFair Deal: How do they expect us to vote for BN when they use billions to help these rich people, but are very stingy when it comes to spending on the ordinary rakyat?

As the concessions agreements are expiring soon, a fair market price for these independent power producers (IPPs) would be cost price minus at least 60 percent depreciation as they are very near to the end of their useful commercial life.

Onyourtoes: I think even nincompoops can see this - using government money to buy out cronies in time of uncertainty at an exorbitant valuation to benefit the cronies and selective people in the government.

When these IPPs were operating profitably, they were in private hands (so-called privatised for efficiency and subsidised for lowering the cost of doing business).

When their terms are about to expire, the government, using public funds, then buys them back. Did our finance minister go to school?

Kelate: The IPP companies enjoy super-profits twice - they enjoy operating profit until the contract almost expires at a very favourable rate, then dispose the company off at a favourable price back to the government.

This is either a case of the 1MDB doing a favour to a crony or expecting the company to return favour in another way, that is during elections - either that or the government has given Pakatan Rakyat a ‘poison pill' to inherit should they take over the federal government.

By the way, the government debt is already very, very high. Either the government is very stupid or evil, or perhaps both.

FellowMalaysian: Tycoon Ananda Krishnan and Genting have both reaped billions from the Tanjung and Genting-Sangyen IPPs and yet the old plants are expected to be sold at a profit to the government?

We have been told months ago that the government will not renew IPP contracts to the respective stakeholders, but the government stopping short of telling us about this latest twist of events.

Prime Minister Najib Razak has become insouciant to public complaints and uproar over excesses and shady deals committed by his unpopular and incompetent regime. We have to take things into our own hands and put these transgressions and abuses of power using our votes in the coming GE13.

Mushiro: The IPPs were started by Dr Mahathir Mohamad with super one-sided favourable terms to benefit his cronies.

Now that the IPPs are nearing the end of their term, it is shocking to see Najib allowing the government to buy back the IPPs at inflated prices. The rakyat's money is being sucked dry by this crookish plans of Mahathir and helped by Najib.

Pemerhati: It looks like Umno is stealing the people's money on a massive scale by using 1MDB.

Remember Umno's Mahathir got rid of TNB (Tenaga Nasional Berhad) chief Ani Arope so as to push through the crooked deals with the IPP cronies at very high prices. This resulted in high electricity tariffs for the consumers. It is rumoured that the IPPs paid 30 percent in kickbacks.

Now if Umno-controlled 1MDB is buying back the old power plants back from the IPPs at about six times what they are worth, it means they must have made another equally crooked deal with the same IPP cronies to steal the people's money by getting huge kickbacks.

Umno thus is stealing billions of the people's money twice from the IPP deals with the help of the cronies, who must have been well-rewarded for collaborating and agreeing to this outrageous, disgusting and crooked deal.

Boom Boom Pow!: Umno wants to cash in on as many projects as possible in the event they lose the election.

Either way, the opposition will take over a bankrupt country while the cronies will take their ill-gotten gains out of the country and enjoy their lives overseas, leaving the people of Malaysia to suffer another few generations.

We have done it right in four states, it's time the other states follow suit and kick out these corrupt power mongers.

Anonymous #15167679: Under BN rule, it is billions for tycoons and peanuts for the poor - we the rakyat must awaken to this unfair exploitation.

The poor work hard yet get little reward, while a rich tycoon works less hard but reaps tons of rewards. France is taxing the super rich with super taxes - could that be a solution?

Kim Quek: It is obvious that someone is cashing out in billions through the cronies (using public funds) in anticipation of losing power in the coming election.

Pakatan should demand a thorough probe in the coming parliamentary session.

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