You Joke, I Lough

Bank Negara says H & I Niaga qualifies

BANK Negara (Central Reserve Bank) said the decision to award the tender to build the Financial Services Resources Centre was based on the most competitive bid.

In a statement, the central bank said the criteria included the tender price, track record, financial capability, quality, and technical and commercial capabilities of the team that was put together to complete the project. All tenders were reviewed to determine the most competitive bid and the company selected, H & I Niaga Sdn Bhd, is qualified to complete the project within Bank Negara's specifications, it said.

It said the construction will begin in November for completion within two years. “Bank Negara upholds the highest standards of governance in our conduct and we view seriously recent media reports regarding the award for the construction of the centre,” it said. The award of the RM320mil contract to the low profile H & I Niaga surprised some parties as it beat many well-known groups such as Ranhill Bhd.

According to recent reports, H & I Niaga, a class A contractor, had failed to file accounts for the financial years 2002, 2003 and 2004. It last submitted accounts for the financial year ended Dec 31, 2001, which showed that its net profit was RM14,500. – Bernama

Sometimes I read a few newspaper articles that are so concise, yet so "informative", just like the one above. How can the country's Central Bank may had reviewed all of the other tenders, before coming to the decision of giving the tender opportunity to H & I Niaga, yet H & I Niaga did not comply to the law. Will it be other tenders did not submit their accounts since year 2000? What? How? Why?

Article taken without alteration from The Star