logo
DAP man slams PDC bonuses amid Penang's ‘financial woes'

DAP man slams PDC bonuses amid Penang's ‘financial woes'

DAP's Air Itam assemblyman, Joseph Ng, said the officers and staff of PDC are not private sector workers 'who can share the company's revenue among themselves'. (Facebook pic)
GEORGE TOWN : A backbencher has taken the Penang Development Corporation (PDC) to task for giving up to six months' bonuses to its staff earlier this year.
Joseph Ng (PH-Air Itam) said the decision to provide bonuses was ill-timed, given the state's ongoing financial woes.
While Ng did not go into specifics, former chief minister Lim Guan Eng had expressed concern last year over Penang's financial health, following a drastic reduction in the state's bank balance, which plummeted by RM825 million over the past four years.
Ng said the bonuses would also be unfair as they would create a divide between PDC staff and other civil servants, whose departments are enduring budget cuts this year and 'got only modest year-end BKK (Bantuan Khas Kewangan) payments'.
'The officers and staff of PDC are not private sector workers who can share the company's revenue among themselves. PDC is a state government agency,' he said during the debate on the motion of thanks to the governor in the state assembly today.
On Feb 9, the PDC's CEO, Aziz Bakar, revealed that 396 staff would receive bonuses ranging from one to six months, based on their performances, after recording over RM500 million in profits for 2024, the highest in the corporation's history since its establishment in 1969.
About 10% of the staff would receive the full six-month payout, PDC was reported to have said.
Ng said there was no justification for the bonuses as PDC and its subsidiaries still owed money to the state and banks.
'I believe that PDC should prioritise settling its debts to the state before it declares profits and distributes six-month bonuses to its staff,' he said.
Citing a written reply, he said that between 2018 and 2025, PDC was reported to have disbursed over RM41.5 million in bonuses and special payments, including the annual BKK given to state civil servants.
Ng said PDC's profits were not all self-earned, as the agency benefitted from state land deals, soft loans, and development privileges. He also said the reported 'strong profits' in property development are not exceptional or impressive.
'Without this backing from government agencies, it would have been nearly impossible for PDC to achieve such profits,' he said. 'The state government is currently in a tight financial position, so I would like an explanation from the government on this.'

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Analysts tie Stonepeak's Yinson interest to FPSO boom
Analysts tie Stonepeak's Yinson interest to FPSO boom

New Straits Times

time26 minutes ago

  • New Straits Times

Analysts tie Stonepeak's Yinson interest to FPSO boom

KUALA LUMPUR: Stonepeak Partners' interest in Yinson Holdings Bhd may stem from surging global demand for floating production storage and offloading (FPSO) vessels, which, according to Energy Maritime Associates, is projected to top US$88 billion over five years, analysts said. The New York-based infrastructure investor is reportedly in exclusive talks to acquire Yinson, potentially valuing the Malaysian energy infrastructure firm at up to RM9 billion, making it one of the country's largest deals this year. On June 6, reports emerged that Stonepeak is in exclusive discussions to buy out Yinson, citing sources familiar with the matter. The deal involves collaboration with the Lim family, Yinson's founder and largest shareholder, which held a 26.6 per cent stake as of May 30, aiming to take the energy infrastructure firm private. Analysts see the deal as a strategic fit. Stonepeak's focus on infrastructure-backed, cash-generating assets aligns with Yinson's core FPSO business, which includes long-term contracts across Africa, Asia, and South America. The acquisition would also expand Stonepeak's presence in Asia-Pacific energy infrastructure, an analyst told Business Times on condition of anonymity. However, Yinson has clarified that it is not in discussions with any third party in respect of a buyout exercise. Executive chairman Lim Han Weng said the company is currently engaged in exploratory talks with various parties on potential corporate proposals related to its shareholding. "However, given that the discussions are still at an exploratory stage, there is currently no conclusive indication that the discussions would give rise to a corporate proposal involving Yinson," it said in a filing to Bursa Malaysia on Monday. Crown jewel The FPSO business is the crown jewel of the Lim family empire. Yinson, controlled by founder Lim Han Weng and son Lim Chern Yuan, is currently the second-largest FPSO operator globally. "The Lims have built Yinson into a well-oiled money machine. They have transformed Yinson into a highly efficient and profitable operation, making it an attractive takeover candidate," the analyst said. Lim (Chern Yuan) revealed in an April Forbes interview that Yinson plans to bid for three mega-FPSO projects, worth at least US$1.5 billion each in that period. While he did not disclose details of the bid, Maybank Investment Bank analyst Jeremie Yap believed they could be in Ghana, Ivory Coast and Malaysia. Yap wrote in a March research note that given Yinson's track record, it is well positioned to win future projects and could be a preferred choice for the bids. Meanwhile, CIMB Research Sdn Bhd said that the RM9 billion valuation translates to RM3.23 per share, a 38 per cent premium over Yinson's last close of RM2.34 and 10.2 per cent above the research firm's target price of RM2.93. If confirmed, this could pave the way for a privatisation offer, the firm said in a note. Yinson's shares have declined 23 per cent over the past year, partly due to the post-tariff market downturn. Following news of the potential buyout, Yinson's share price jumped 13.8 per cent on June 6, its largest single-day gain since 2019, narrowing year-to-date losses from 33.7 per cent to 11.4 per cent and lifting its market capitalisation to RM6.5 billion. CIMB highlighted that the exclusive negotiations indicate advanced discussions involving the Lim family. Stonepeak's interest aligns with its strategy to invest in infrastructure-based, cash-generating assets with long-term contracts, characteristics exemplified by Yinson's FPSO business. "This deal would also help Stonepeak increase its exposure in Asia Pacific energy infrastructure, where Yinson has already established a solid and growing footprint. However, Yinson has declined to comment, stating that the information remains unverified," CIMB said. Yinson's portfolio includes a solid project backlog valued at US$20.5 billion and eight active FPSO contracts. Its growing footprint in emerging markets, along with energy transition initiatives such as solar and battery storage, supports the premium valuation. Stonepeak would gain deeper access to the Asia-Pacific energy infrastructure sector through this acquisition. CIMB noted that Yinson's FY24 price-to-earnings (P/E.) ratio of 9.5x, though higher than the industry average of 8.2x, is justified by its scale, strong project pipeline, and exposure to energy transition. For comparison, peers SBM Offshore and Modec trade at 4.8x and 11.6x, respectively. Stonepeak is expected to value Yinson's strategic growth in FPSO contracts, especially after Yinson's recent efforts to strengthen its financial position, including raising US$1 billion in January 2025 from a consortium of institutional investors, and growth in its renewable energy segments, CIMB said. The US$1 billion funding round included top investors such as Abu Dhabi Investment Authority, British Columbia Investment Management, and RRJ Capital, supporting both FPSO expansion and the renewable energy portfolio. Despite a 22 per cent drop in net profit to RM752 million for FY2025, due to higher financing costs and lower engineering revenue, CIMB forecasts stronger results ahead, particularly with the Agogo FPSO expected to start production by September. CIMB maintains its Buy rating on Yinson, with a target price of RM2.93 and earnings estimates for FY2026–2028. Potential catalysts for re-rating include contributions from FPSO projects Maria Quiteria, Atlanta, and Agogo, alongside possible asset monetisation and privatisation. Risks remain, including possible delays or cost overruns in FPSO projects and ongoing losses in the green technology segment.

Is your privacy at risk — or is MCMC just tracking trends? What you need to know about Malaysia's mobile data project
Is your privacy at risk — or is MCMC just tracking trends? What you need to know about Malaysia's mobile data project

Malay Mail

time2 hours ago

  • Malay Mail

Is your privacy at risk — or is MCMC just tracking trends? What you need to know about Malaysia's mobile data project

CYBERJAYA, June 10 — On the night of Hari Raya Aidiladha, it was reported that the Malaysian Communications and Multimedia Commission (MCMC) had directed telecommunications companies (telcos) to hand over mobile personal data (MPD) to the government. The directive, which reportedly involves mobile call records from the first quarter of this year, was said to be for official statistical purposes. But how exactly will the data be used — and is your personal information at risk? Project MPD The Department of Statistics Malaysia (DoSM), under the Economy Ministry, proposed the use of MPD as a new data source for producing official national statistics. The proposal was presented to the Cabinet on April 19, 2023, and subsequently approved. Speaking at a media briefing today, MCMC deputy managing director Datuk Zulkarnain Mohd Yasin said that MPD has been formally recognised by the United Nations as a key big data source for strengthening official statistics. He said it offers a powerful tool to improve the quality, timeliness, and granularity of national data. 'The global initiative highlights the pressing need to transcend into traditional statistical methods and adopt innovative data solutions, better comprehend and address societal changes while ensuring that privacy and data protection remain paramount at every stage of implementation now,' he added. Malaysia is not the first to implement the initiative, as countries like Indonesia and Oman have already done so. In short, instead of relying on surveys conducted every five years, the government plans to use real-time data from MPD to inform policy-making and planning — rather than basing decisions on outdated figures from the last DoSM survey. What sort of data that MPD will provide to the government? During the briefing, the media were informed that the MPD project will only collect eight key parameters. These include the location of signal towers (longitude and latitude), details on local and international mobile subscriptions, and call logs. The data will provide the government with more accurate, real-time insights to support planning and policy-making, particularly in areas such as economic activity, population movement, and infrastructure needs. For example, MPD can highlight areas with high mobile activity, helping authorities plan for better telecommunications coverage and capacity, or even identify previously overlooked population areas that were not part of the initial planning. Zulkarnain shared a personal experience: 'I was stuck in traffic on the highway from Malacca to USJ. My daughter was supposed to have an online meeting with her university team, but she couldn't connect. 'Once the highway was congested, the mobile signal also became overloaded. This shows how people's movement affects not just road traffic but also telecom infrastructure.' For the ICT sector, MPD enables the production of granular statistics — such as the number of active mobile broadband subscriptions and penetration rates — at multiple administrative levels, including state, district, mukim, parliamentary constituency, state legislative assembly, and local authority areas. In the tourism sector, the system can generate indicators like the number of visitors and domestic tourism trips. This allows planners to identify popular destinations, particularly among foreign tourists, and improve services and infrastructure in those areas. 'So from the MPD, we can know for example how many people are visiting the Batu Caves on Monday,' Zulkarnain added. Will your personal data also be shared? MCMC commissioner Derek John Fernandez reiterated that mobile users' personal data won't be shared by their respective telcos to the government. 'There's only eight parameters that we want for the data. That does not include a person's identification number, address and others. In fact, we do not want the personal data. In our letter sent to telcos, we told them to 'anonymised or pseudomised' the data when submitting it,' he said. The eight parameters collected are: MSISDN – An anonymised subscriber identifier Date and time of transmission Transmitter longitude Transmitter latitude Data type – Such as call detail records, indicating whether it's a regular call or data usage (e.g., WhatsApp) Service type – 3G, 4G, or 5G MCC (Mobile Country Code) – Identifies the country of origin Unique ID Fernandez clarified that even the location of mobile users will not be shared — only traffic signals from mobile towers will be collected. There are two ways for telcos to submit MPD data to MCMC: Option A: Telcos process the data within their own secure environments. Once processing is complete, they submit only anonymised and aggregated outputs, such as the total number of mobile users, to MCMC. Option B: For telcos without in-house processing capabilities, anonymised data is securely submitted to MCMC for processing. According to Fernandez, most telcos opt for the first method. Fernandez assured that MCMC stores all its data on its own premises and does not use cloud services or third-party storage. When asked why the public was not consulted about the project, Fernandez explained that it is still in its pilot phase. 'We need to complete the pilot test first to get a clearer picture, how effective it is and how it can truly benefit us,' he said. Cyberjaya has been identified as the first location for the pilot test and will run until 2026. 'This is the new way of survey. The digital way,' Zulkarnain said briefly in a press conference after the briefing.

EAIC finds weaknesses in customs declaration process
EAIC finds weaknesses in customs declaration process

Free Malaysia Today

time9 hours ago

  • Free Malaysia Today

EAIC finds weaknesses in customs declaration process

The Enforcement Agency Integrity Commission recommended improvements for the customs department to enhance oversight and ensure stricter compliance with the Customs Standing Orders. (Facebook pic) PUTRAJAYA : The Enforcement Agency Integrity Commission (EAIC) has identified weaknesses in the approval process for customs declaration forms to clear imported goods. In a statement today, the EAIC said its investigation also found that some importers and customs agents had made declarations without adhering to the provisions in the Customs Standing Orders. 'The EAIC received complaints against the customs department, alleging a failure to revoke the licences of importers and agents who violated the Customs Standing Orders. Investigations were conducted under Subsection 27(4) of the EAIC Act 2009,' the statement said. As a result, the EAIC has recommended improvements for the customs department to enhance oversight and ensure stricter compliance with the Customs Standing Orders by importers and customs agents. The commission also urged the customs department to take firm action against any party found to be in breach of these regulations.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store