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In this post, REFSA analysts Teh Chi-Chang and Dr Ong Kian Ming continue to scrutinise the ambitious national programme to shed light on grey areas and Bermuda Triangles. Link up to the full story at the bottom of this post.

Was it built or wasn't it?

If something seems too perfect to be true, it usually is.

This adage succinctly describes PEMANDU and its rhaposdic reports on the Economic Transformation Programme (ETP).

In its Annual Report 2011, PEMANDU proclaimed that investments from the private sector were well above target. However, REFSA’s suspicion was aroused as some very large entry point projects (EPPs) heralded in the many ETP updates last year – such as a RM1.9 billion wafer fab in Kedah, the RM1.9 billion GuocoLand Damansara City 2 project and the RM600 million Marina Island Pangkor Extension –  were strangely omitted from the ETP Annual Report.

The wafer fab case is particularly puzzling. PEMANDU took ‘100%’ credit for “completion of construction of wafer fab” plant in one section of its Annual Report, but highlighted a much smaller RM100 million project instead in the ‘Achievements’ section.

Why the uncharacteristic coyness by PEMANDU? REFSA dived under the glittery surface and found the ghastly buried skeletons of missing EPPs.

Get the full story in our Dissection of the ETP Annual Report (Part 2): The mystery of the disappearing EPPs.


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(Featured image accompanying article on main page courtesy of Anne D’Huart, source:

REFSA is an independent, not-for-profit research institute providing relevant and reliable information on social, economic and political issues affecting Malaysians with the aim of promoting open and constructive...

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