MOF RECOMMENDED TO REDEEM PORT KLANG AUTHORITY BONDS.

from BERNAMA, The Malaysian National News Agency KUALA LUMPUR, Nov 4 (Bernama) -- The Ministry of Finance (MOF) should quickly redeem the bonds issued by the Port Klang Authority (PKA) in order to reduce spiralling debts incurred in financing the Port Klang Free Zone.

The Parliamentary Public Accounts Committee's (PAC) report,in making the recommendation,said the project cost could have been reduced if only the Ministry of Finance's earlier directive was heeded.

The MOF had directed that the PKA bonds be backed by government guarantee and be pegged at an interest rate of four per cent compared with the 7.5 per cent imposed by Kuala Dimensi Sdn Bhd (KDSB).

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