PUTRAJAYA: The cabinet has discussed the contents of highway concessionaire agreements a couple of times, Datuk Seri Najib Razak said.

The deputy prime minister, who is also the finance minister, said he would ask Works Minister Datuk Mohd Zin Mohamad to issue a statement on the matter “to make sure that technically, it is correct”.

“I will leave it to the works minister to make the statement,” he said when asked to comment on an English daily’s report quoting sources as saying that the government had declassified the agreements.

Najib was speaking after the Belia Felda Malaysia forum and award presentation ceremony.

Declassification would make the contents of the contracts, said to be one-sided and only benefiting concessionaires, no longer official secrets.
Yesterday, efforts to contact the various toll concessionaires for comments drew a blank. PLUS Expressways Berhad said it would hold a press conference today on the toll rates.

Apart from PLUS, other con-cessionaires include Penang Bridge Sdn Bhd, Besraya (M) Sdn Bhd, Grand Saga Sdn Bhd, Kesas Sdn Bhd, Litrak, New Pantai Expressway Sdn Bhd (NPE), Konsortium Lebuhraya Butterworth-Kulim Sdn Bhd and Sistem Lingkaran Lebuh-raya Kajang Sdn Bhd.

The government had on several occasions said citi-zens had an inherent right to know where and how their tax monies were being used and had hinted about declassifying the toll concessions.

However, non-disclosure clauses in the agreements mean that the government cannot on its own reveal details. Then works minister Datuk Seri S. Samy Vellu had said last February that the public might be a step closer to knowing the contents of the agreements.

He had said his ministry was writing letters to concessionaires on a proposal to publicise the agreements.

Samy Vellu said he raised the matter in the cabinet on Feb 7 and the prime minister asked him to submit a working paper.

He added he had also consulted the attorney-general.

Samy Vellu had said the toll agreements would be put up for public viewing at his ministry after cabinet approval.

Early last year, police took statements from four opposition politicians over the disclosure of the toll agreement with Litrak, the concession-holder for the Damansara-Puchong Highway, after it increased toll charges from RM1 to RM1.60 in January.

New Straits Times

SINGAPORE - US gaming firm Las Vegas Sands intends to finish a casino project it is building in Singapore and there are no indications it will default on loans, lender DBS Group said on Friday.

DBS is one of 40 banks that formed a syndicate to fund the Marina Bay Sands casino development, which is estimated to cost more than four billion US dollars.

“All signals I’m getting from the management of Las Vegas Sands is that they intend to finish the project and move on,” DBS chief executive Richard Stanley said at a news conference on the bank’s third-quarter earnings.

“I have to accept what they say and I have seen in recent days a strong commitment to the project from Las Vegas Sands… There’s been no default, there’s been no indication of default,” he said, adding there was no need to provide for loan provisions.

“As of now, all the equity commitments have been made, the project is proceeding in pace.”

Stanley’s comments followed a filing by Las Vegas Sands on Thursday with the US Securities and Exchange Commission in which it sounded out a warning about its financial situation.

In the filing, the gaming giant said it may have to stop or ease up the pace of its global projects should it fail to secure the necessary funding or obtain favourable credit terms.

“If the company is not able to obtain the requisite financing or the terms are not as favourable as it anticipates, the company may be required to slow or suspend its global development activities… until such financing or other sources of funds become available,” Las Vegas Sands said.

“These factors raise a substantial doubt about our ability to continue as a going concern.” It said Las Vegas Sands’ projects in Macau’s Cotai Strip will be among those affected.

The company, headed by billionaire gaming tycoon Sheldon Adelson, operates the Sands Macao and The Venetian Macao Resort Hotel in Macau.

Citi Singapore, which is also providing loans for the project, said the long-term viability of Marina Bay Sands has not changed.

Citi’s head of corporate banking, Silas Lee, said the fundamentals of the project still stand although short-term uncertainty is expected, given the current market conditions.

According to reports, Sands held talks this week with the Singapore government over the Marina Bay project.

The Singapore Tourism Board said last month that it was in talks with Marina Bay Sands to facilitate the successful completion of the project.

- AFP/CNA/ir/so

Channel News Asia

SINGAPORE: Las Vegas Sands said it is committed to completing the development of the Marina Bay Sands integrated resort in Singapore.

Concerns had been raised about the company’s ability to finish the US$4 billion development after news broke out that it was struggling with a shortage of cash.

In a statement on Friday, Sands said it met with the Singapore government this week and gave the assurance that it will see the Marina Bay Sands project through.

It said the meeting covered a range of subjects, such as the pace of construction of the hotel towers in the resort and the strong response to the marketing efforts by Marina Bay Sands and the Singapore Tourism Board to bring more conventions, exhibitions, and corporate meetings to Singapore.

Sands also said it has complied with regulatory requirements that will allow it to have up to 1,000 gaming tables in the resort’s casino - up from the original figure of 600 tables.

The company said it has received more than 10,000 responses from Singapore job-seekers to its joint recruitment initiative with the National Trades Union Congress’ (NTUC) Employment and Employability Institute and the Singapore Workforce Development Agency.

Sand’s statement came as banks which had provided loans for the project said all signs showed that it is on track. DBS said it has not had any indication that work on the project is faltering.

DBS is one of 40 banks that formed a syndicate to fund the Marina Bay Sands casino development, which is estimated to cost more than four billion US dollars.

“All signals I’m getting from the management of Las Vegas Sands is that they intend to finish the project and move on,” DBS chief executive Richard Stanley said at a news conference on the bank’s third-quarter earnings.

“I have to accept what they say and I have seen in recent days a strong commitment to the project from Las Vegas Sands… There’s been no default, there’s been no indication of default,” he said, adding there was no need to provide for loan provisions.

“As of now, all the equity commitments have been made, the project is proceeding in pace.”

Citi Singapore, which is also providing loans for the project, said the long-term viability of Marina Bay Sands has not changed.

Citi’s head of corporate banking, Silas Lee, said the fundamentals of the project still stand although short-term uncertainty is expected given the current market conditions.

According to reports, Sands held talks this week with the Singapore government over the Marina Bay project.

The Singapore Tourism Board said last month that it was in talks with Marina Bay Sands to facilitate the successful completion of the project.

- CNA/so

Channel News Asia