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ShareThe 5km-Jelutong Expressway still poses a couple a niggling questions.
This RM700 million expressway was supposedly built “free of charge” – with no toll imposed on motorists – under a privatisation exercise mooted in 1997.
But at what cost to Penang?
The rights to the reclamation of close to 300 acres of prime sea-front land, in addition to existing land – making a total of some 330 acres – were handed over to IJM in return for the ‘free’ highway.
And, for good measure, a loan was reportedly given – was it RM33 million? How thoughtful.
What was the potential gross development value of the land that was given away in exchange for a short highway? RM7 billion? Double that? More?
When you consider that this stretch will be prime sea-front land forever – and the previous state government should have known that – do you think this privatisation deal was in the best interests of Penangites?
The former Penang chief minister, Koh Tsu Koon , owes Penangites a detailed accounting of this privatisation venture
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