Monday, April 21, 2008

The Blood-sucking 楊

Apologies to the other of the 楊 clan, especially Doc. :P

From the front page of theSun today:

Battle of the Two Tycoons: Vincent Tan vs. Francis Yeoh?

You pay – even if you don’t use ERL
Terence Fernandez and R. Nadeswaran

PETALING JAYA (April 21, 2008): Passengers who fly off from Sepang have been paying an additional RM2 to RM6 in airport tax for the last six years – no thanks to a lopsided deal between the government and Express Rail Link Sdn Bhd (ERLSB) which operates the Express Rail Link (ERL).

The KLIA Express connects KL Sentral and KL International Airport.

According to sources, under the terms of agreement for the RM2.8 billion ERL project, a portion of the airport taxes that departing passengers pay goes to the company – RM2 for domestic passengers and RM6 for international travellers from KLIA as well as the Low Cost Carrier Terminal (LCCT).

It is learnt that the rationale behind the concession agreement signed in 1997 is to ensure a return on investment for the service which started in 2002.

YTL Corporation holds a 50%-stake in ERLSB, which is responsible for building and operating the high-speed rail link. Tabung Haji Technologies Sdn Bhd holds 40% and Nadicorp Holdings Sdn Bhd the remaining 10%.

ERLSB operates under a 30-year concession, including an option to extend for another 30 years to own and operate the express rail link. The ERL faces competition from other public transport operators due to its fare of RM35 for a one-way trip.

Airport tax for KLIA is RM45 for international travellers and domestic passengers pay RM6. Airport tax for departures from the LCCT is RM6 for domestic and RM35 for
international passengers.

KLIA handled about 25 million passengers last year and the LCCT about eight million. “Half of these figures were departing passengers, which means ERL would be receiving in the region of RM80 million a year (from airport tax),” said a source.

Now you know why that four-eyed fucker wants to build the KUL-SIN bullet train?

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