I am an average voter and had been a Pakatan Rakyat sympathiser during the last general election. However, I have been very disappointed with the attitude shown by certain DAP leaders over the recently released PKFZ report by PriceWaterhouseCoopers (PwC).

I have been following the developments of the PKFZ debacle since it was highlighted in 2007. When the PwC report became available, I downloaded it and read it with total and utter disgust. But this is not the time to let emotions cloud the decisions on how to untangle the web of deceit wove by the people whom we entrusted to look after the Port Klang Authority (PKA).

For these people, no expense should be spared to ensure that water-tight criminal cases are built against them and the maximum punishment meted out to match their crimes if found guilty.

But the PKFZ project, on the other hand, should be resuscitated and be put back on track to help enhance Port Klang's competitiveness. Those calling for the closing down of PKFZ and allowing PKA to go bust, before evaluating all available options, are acting in an irresponsible and reckless manner.

Firstly, this project was meant to transform Port Klang into a regional transhipment hub and create thousands of new jobs at Port Klang. At the same time, it would also enhance our national competitiveness in manufacturing and logistics capabilities. More international shipping lines would be calling at Port Klang to handle their transshipment needs.

We need to have a proper perspective on how this project should be viewed. It should be in the same light as building technology parks and incubation centers. The return on investment to the nation is not so straight forward and should be recalculated.

Just because the current tenancy is only at 14% and the world is facing an uncertain economic situation for the next few years, it doesn't mean the project is forever doomed.

Projects with national interest of this magnitude can easily take on a 40 to 50-year investment horizon. Even a RM500,000 house can be financed over 30 years if you are young enough.

Secondly, let's get real on the ‘RM12.5 billion' figure. Even a second-year finance student will be able to see opportunities to renegotiate and restructure the financing arrangements so that this figure will never become a reality.

What upsets me the most is that the propagandists would like you and me to believe that somebody is taking RM12.5 billion from the government's coffers and giving it to somebody else. Is this really the case?

From my reading of the report, it sounded like PKFZ will be taking the money from its tenants and paying it back to the government. So what is the real cost to the government?

Assuming the RM4.6 billion soft loan plus 4% interest is fully paid by PKA back to the government, from an economic standpoint, this is the interest amount that could be earned at the prevailing market interest rates for comparable investment risks and horizon minus 4%. That's it.

To calculate from a socio-economic development standpoint would be a lot more complicated. It would then be the value of the best use of the funds (eg, for schools, hospitals, universities) minus the socio-economic benefits of PKFZ. No amount of debate will be able to derive an agreeable solution here.

Do I get upset that the acquisition, development and interest costs due to the developer ballooned to RM4.9 billion? Of course I do. This makes it a lot harder to defray the total cost and price the rental rates appropriately to attract the most suitable investors.

Thirdly, given the difficulty in pricing, does PKFZ need the negative publicity based on misinformation and questionable intentions? If you're intent on the government to fail in turning around PKFZ, the answer is quite obvious.

But for most of us, we are quite content to separate the efforts to bring the criminals to book from the efforts to realize the benefits of PKFZ.

But for those who are intent on lumping the two issues together and depriving the people from the benefits of a successful turnaround of PKFZ, then I suggest dropping the word ‘rakyat' from their ‘Pakatan".

The sooner they stop this nonsense, the sooner the transport minister can be put to the test in his ability to turn this project around. That is what the rakyat need right now.