THE government will not pay Armed Forces Fund Board (LTAT) anything more than RM555 million, despite its claim that it is owed more over the AES system implemented during the previous administration.
“Our position is to pay back the capital or RM555 million,” Transport Minister Anthony Loke said today on LTAT’s claim that the previous government had agreed to buy back the AES companies for RM555 million plus a 12% return per annum.
Yesterday, former LTAT chairman Anwar Mohd Noh said the Barisan Nasional administration had agreed to buy back ATES Sdn Bhd and Beta Tegap Sdn Bhd last November.
Anwar had said the BN-agreed takeover price via the Ministry of Finance was LTAT’s full investment cost of RM555 million and an additional 12% return for the two-and-a-half years that LTAT owned the companies.
He said: “If the government decides to pay back only LTAT’s money used to acquire the two companies without paying back all other expenses spent to date by LTAT on the project, plus the 12% return per annum, as agreed by the previous government upon the takeover of AES in November 2017, this would be quite unfair to LTAT and not in line with the Concession Agreement signed by the two parties.”
Loke today said that Pakatan Harapan was not bound by such a clause.
“I haven’t seen the report but I was given some figures. But we are not bound by the previous valuation. And we don’t intend to reveal any figures,” Loke said, adding that LTAT’s decision to buy the companies in the first place was a “bad decision”.
“They thought there would be profit and the current chairman has tried to justify that it was a good investment but that is up to LTAT members to evaluate,” Loke added.
The AES project was thrust back into the spotlight after Loke questioned the previous government’s decision to ask LTAT to take over the project from the two private companies for RM555 million, in what he described as a lopsided agreement.
Earlier today, the National Patriots Association said the fund had failed in its duty to ex-servicemen by getting involved with AES concessionaires in a “stupid” agreement in 2012.
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Comments
MOT please stop this nonsense! Stop and cancel the AES project. Dont pay LTAT for their stupidity. Replace the LTAT Board. MOT restart the AES Project by buying new cameras for RM250,000 each. No need to take over LTATs investment. Save the government tax payers money...
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