EPF investment income rises 5.13% in Q3 to RM12.95 bil, has benefited from overseas equities


The Employees Provident Fund (EPF) reports an increase in quarterly investment income to RM12.95 billion for the third quarter ended Sept 30, 2017 (Q3 2017), despite recorded net impairment of RM791.55mil in the third quarter, more than double the impairment made a year earlier. The EPF posted a 74% surge in investment income to RM11.8bil in the first quarter and a 36.6% growth to RM11.51bil in the second quarter.

 

KUALA LUMPUR: The Employees Provident Fund (EPF) today reported an increase in quarterly investment income to RM12.95 billion for the third quarter ended Sept 30, 2017 (Q3 2017), up 5.13 per cent, from RM12.32 billion recorded during the same period last year.

“The EPF’s overall portfolio performance has benefited from the rally in overseas equities markets in the third quarter of 2017,” Investment Performance, Deputy Chief Executive Officer (Investment) Datuk Mohamad Nasir Ab Latif said today.

He said the pension fund did not see similar returns from the domestic equities market as the FBM KLCI performance was flat compared with other markets, which recorded between two and five per cent growth.

The EPF recorded a net impairment of RM791.55 million, in the quarter under review, in accordance with the Malaysian Financial Reporting Standards (MFRS 139), and this was higher compared with RM349.59 million recorded in the same quarter last year, he said in a statement today.

This is due to the higher provision recorded for domestic equities in the telecommunications and oil and gas sectors.

In the third quarter of 2017, equities, which made up 41.86 per cent of EPF’s total investment assets, contributed RM7.91 billion of income or 61.09 per cent of the total investment income.

The income recorded was 12.75 per cent higher than RM7.02 billion recorded in the corresponding quarter in 2016, he said.

As at September 2017, a total of 50.45 per cent of EPF’s investment assets were in fixed income instruments which recorded an income of RM4.49 billion, equivalent to 34.63 per cent of the total quarterly investment income, said Mohamad Nasir.

Out of the RM4.49 billion, Malaysian Government Securities & Equivalent recorded RM2.17 billion in the third quarter of 2017, an increase of 10.96 per cent or RM213.98 million, from RM1.95 billion recorded in the same quarter in 2016, in line with the growth of the portfolio.

Loans and bonds, however, generated lower investment income of RM2.32 billion compared with RM2.56 billion in the same quarter last year, he said.

Investments in Money Market Instruments and Real Estate and Infrastructure each represented 3.53 per cent and 4.16 per cent of total investment assets, and contributed an investment income of RM274.27 million and RM263.83 million, respectively, in the third quarter of 2017.

“Our current investment in money market instruments is above the targeted three per cent under the Strategic Asset Allocation due to the ongoing regulatory restrictions in new overseas investments.

Over the long-run, the EPF must continue to expand our foreign assets portfolio as it is key to our diversification and allows us to meet our return targets,” said Mohamad Nasir.

As at Sept 30, 2017, the EPF’s overseas investments, which accounted for 30 per cent of its total investment asset, contributed 48 per cent to the total investment income during the quarter.

Diversification into different asset classes in various countries and currencies had helped the EPF to record higher income for the quarter, despite a significant difference in market performance, globally.

Out of the total RM12.95 billion investment income for the third quarter of 2017, a total of RM860.83 million was allocated for Simpanan Shariah, which derived its income solely from its portion in Shariah assets, while RM12.09 billion income was allocated for Simpanan Konvensional, which is generated by its share of both Shariah and non-Shariah assets, he said.

The value of EPF investment assets reached RM771.20 billion, a 5.48 per cent or RM40.09 billion increase from RM731.11 billion, as at Dec 31, 2016.

Out of the total investment assets, RM370.10 billion or 48 per cent, were in Shariah-compliant investments and the balance in non-Shariah assets.

“We still have one more quarter before the year-end and we are confident that our diversification into various asset classes will enable us to meet our real dividend target of at least two per cent above inflation over a three-year rolling period, for both Simpanan Shariah and Simpanan Konvensional,” he added.

The EPF posted a 74% surge in investment
income to RM11.8bil in the first quarter and a 36.6% growth to
RM11.51bil in the second quarter.

Source: BERNAMA

Related Links:

 

EPF 2Q investment income rises 37% to RM11.5b | The Edge Markets

 1 Malaysian Ringgit equalsvv0.24 US Dollar

Chart of exchange rate values over time

Malaysian Ringgit Forecast – Trading Economics

https://tradingeconomics.com/malaysia/currency/forecast The Malaysian Ringgit is expected to trade at 4.20 by the end of this quarter, according to

Trading Economics global macro models and analysts expectations.

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Call to shed light on PDC’s huge debts owned to Penang govt


GEORGE TOWN: The state has been told to explain the financial status of Penang Development Corporation (PDC) over its alleged mounting debts.

Datuk Dr Muhamad Farid Saad (BN-Pulau Betong) said PDC received a RM600mil loan last year from Budget 2017, while in Budget 2018 the loan to PDC was approximately RM300mil.

Questioning if the debts indicate that PDC was not on stable financial ground, he asked if PDC would be able to pay back the huge sum to the state.

“Both loans are huge. How is PDC going to pay it all back?

“What has happened to the revenue of PDC in recent years? We would like some answers to the whereabouts of the expenditure on whether the sum was used for investment or loan to a third party.

“Is the PDC today not on stable financial ground until there were some who said that PDC has to take a bank loan to give out salaries,” he said when debating the Supply Bill and Budget 2018 at the state assembly sitting yesterday.

State Opposition Leader Datuk Jahara Hamid (BN-Telok Air Tawar) also raised her concern if PDC “was in the red”, considering that it was among the corporations in the past which had developed Bayan Baru and Seberang Jaya.

“PDC has also contributed to numerous state funds. But now, it is the opposite. PDC is borrowing money from the state government,” she said.

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Penang landslides & flooding are natural disasters man-made?


It’s hard to deny when the effects of climate change are all around us

 

Andrew Sheng says that from increasingly intense hurricanes to regional landslides and flooding, it’s clear our actions are effecting the
environment. But, it’s also evident that there are ways for us to avert
disaster and change course

 

AFTER two Category 5 hurricanes (Harvey and Irma) hit the US in October, followed by Maria hitting Puerto Rico, no one can deny that natural disasters are devastating.

With three hurricanes costing an estimated US$385bil, with less than half insured, the poor are suffering the most because they cannot afford to rebuild as the rich.

This year alone, monsoon floods in Bangladesh, India and Nepal have left millions homeless. This year will therefore break all records as Munich Re-insurance data suggests that 2016 natural disaster losses were only US$175bil, already 28.6% higher than the 30 years (1986-2015) annual average of US$126bil.

But how much of these natural disasters are man-made?

Despite US President Trump being sceptical of climate change, the US Global Change Research Program Climate Science Report published this month concludes that “it is extremely likely that human activities, especially emissions of greenhouse gases, are the dominant cause of the observed warming since the mid-20th century”.

Carbon dioxide concentration already exceed 400 parts per million, last occurred about 3 million years ago, when both global average temperature and sea level were significantly higher than today. Roughly one third of carbon emission is due to residential heating/cooling, one third for transport and one third for industrial production.

Human activities on Mother Earth include over-consumption of natural resources, cutting down forests, polluting waters and excessive cultivation/development that caused desertification or soil erosion. You see this from warmer surface and oceanic temperatures; melting glaciers; diminishing snow cover; shrinking sea ice; rising sea levels; ocean acidification; and declining tree and fish stock.

Oceans warming up

Hurricanes are caused by oceans warming up, building energy and vapour levels that create freak typhoons, tornados and massive downpours. At the same time, droughts are also occurring with more frequency for longer.

Scientists estimate that global average sea level has risen by about 7-8 inches since 1900, with almost half that rise occurring since 1993. Everyday, we hear new extreme events, such as unusually heavy rainfall, heatwaves, large forest fires, floods or landslides.

Climate warming is most observable in the water-stressed Middle East and the North Africa/Sahel region, where rapid population growth created desertification, food shortages, civil conflicts and ultimately, outward migration towards cooler climates, especially Europe. This hot region accounts for 60% of global war casualties since 2000, with 10 million outward refugees. About 90% of the world’s refugees and asylum seekers come from four regions with half under the age of 18 years.

A 2016 World Bank report estimated that these water-stressed countries’ GDP could be reduced by up to 6%, with dire consequences on stability. Without water, industries cannot function, food cannot be cultivated and health can deteriorate due to disease from water-shortage and drought.

European estimates suggest that each refugee costs roughly US$11,600 per person to maintain and there are already one million trying to enter Europe last year. The OECD has classified countries such as Afghanistan, Central African Republic, Iraq, Somalia, Sudan, Syria and Yemen as extreme fragile.

Critical point

The world is already reaching a critical turning point. If the Paris Climate Accord can be implemented, with or without the United States, there is some chance of averting further global warming.

But closer home, we are already witnessing the effects of climate change on our daily lives.

In 1972, Hong Kong experienced a devastating landslide near Po Shan Road in Mid-Levels, which caused 67 deaths and collapse of two buildings. One cause was unstable ground following heavy rainfall from Typhoon Rose eleven months prior to the incident.

This tragedy in densely populated Hong Kong resulted in rigorous slope protection and inspection of drains to ensure that these slips do not occur again. I lived near Po Shan Road and admired how Hong Kong engineers regularly inspected the slope protection measures and that the drains were always clear.

In 1993, the collapse of Highland Towers in Kuala Lumpur was partly attributed to the clearing of the hilltop above Highland Towers, which led to soil erosion and the weakening of the foundations. By the time the residents detected cracks in the buildings, it was already too late. Some of my personal friends were among the 48 persons who were killed in that collapse.

Last weekend, Penang (where I live) had the worst rainstorm and floods because we were hit by the tail end of strong winds from Typhoon Damrey, one of the strongest to hit Vietnam in 16 years, leaving 61 people dead. Driving along Penang Bridge, I can see that the continued hilltop developments in Penang are leaving soiled scars on the previously pristine landscape, I am reminded of Highland Towers and Po Shan incidents. Natural disasters are acts of god, but the size of their impact on human lives are completely within our control.

Soil erosion

Soil erosion does not happen overnight, and require responsible developers and conscientious governments, as well as concerned citizens, to be continually vigilant that maintenance of roads and drains, including soil inspections, are serious business with serious consequences.

Modern technology can provide drones and inbuilt sensors that can detect whether erosion is reaching critical levels. Regular maintenance of drains and checks on stability of the soil, especially where there has been recent clearing of trees in steep slopes, will forewarn us all of impending accidents.

As cities are building more and more on hillsides subject to torrential rain, Penang should seek technical expertise from Hong Kong which has extensive expertise on the maintenance of steep hill slopes that are subject to typhoons and sudden rainfall.

Landslides are today used more in political terms than in real terms. The next time landslides happen, residents who watch daily the erosion of their natural environment will know who is really looking after their interests.

Andrew Sheng  By Andrew Sheng

 

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No hill land approvals since 2008?

by penangforum

Former MBPP councillor Dr Lim Mah Hui wrote this piece for the press in his
personal capacity: I wish to comment on the press statement by Jagdeep
Singh Deo as reported in Berita Daily and many other newspapers on 24
October.

PKR rep cries for a stop to hillside development – Nation

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Sustainable Development in Penang


Why did MBPP approve the Tanjung Bungah development project?
Read more at https://www.malaysiakini.com/letters/399357#qbRd534yu1JfC551.99 

The never ending torrential rain in Penang over the weekend was an act of God. A natural phenomenon which is a perpetual feature of our equatorial climate. Nobody would wish to have the heavens open up with such vengeance on any state.

Naturally, when the rain intensity is so great, floods will occur. We should always be vigilant during the annual monsoon season.

Flood mitigation starts from the local council and state government. Every council must take into consideration the terrain, rainfall and built up surfaces in their area. While we can always engineer ourselves out of a flood, there is always a cost versus benefit consideration. There are some low-lying areas in a flood plain that will perpetually be flooded when it rains and if we situate developments in those areas, we have to be prepared for such events.

On a small island like Penang, with its hilly terrain, engineering flood mitigation measures must be a long term and all-inclusive plan encompassing all urban growth zones. It will not be cheap, mainly due to the high land cost and the expense incurred to provide adequate storage for the surface runoff.

As the island develops, open permeable spaces will continue to diminish causing higher runoff to flow downstream into the coastal areas. Couple that with tidal phenomenon and the incoming surface runoff will easily overwhelm the drainage system causing a rise in water level.

The question we should all be asking is how do we reduce the incidence of flooding? Unfortunately, especially with our tropical climate, it is quite impossible to entirely eliminate flooding. Anybody that promises that is telling you a blatant lie.

With the right planning and engineering, we can reduce the incidence of flooding and lower the magnitude of the damage caused.

Penang’s terrain bears much similarity to Hong Kong. Being in the path of tropical storms and typhoons from the Pacific Ocean, Hong Kong bears the brunt of some of the regions worst storms. On average, six tropical cyclones slam into Hong Kong every year. While flooding still occurs in Hong Kong, they have managed to reduce the damage it causes.

There are many lessons Penang can learn from Hong Kong.

If DAP still wants to continue to develop the state in a sustainable manner, they must implement special flood mitigation requirements in addition to the ones provided by the JPS Masma manual. If the hills are being cleared, the increased runoff will tax the existing drainage system. Siltation will occur, evident from the brownish flood waters, as topsoil and sediment from the hills wash down into the coastal plain. These sediments, unless periodically maintained, will clog existing waterways, thus reducing drainage efficiency.

The ultimate problem with highly built up areas is the immense volume of runoff from storms. Sufficient storage areas in the form of retention ponds and green open areas should be provided to retard the flow of water into the rivers.

Due to its terrain and the high-density development on the island, it is expensive to provide adequate stormwater storage within a development.

Catchment areas next to hillslopes also have a large volume of runoff moving at a high velocity. The damaging effect of erosion is quite evident on many of these hill projects. Sometimes water currents are so strong, even paved roads can be ripped apart.

Some of the more innovative solutions for Hong Kong’s flooding problems like the underground stormwater storage system has worked very well over the years together with a comprehensive Drainage Master Plan.

The Drainage Services Department of the Hong Kong SAR constructed massive underground tanks to route surface runoff intercepted from uphill catchments during storms only to slowly release the stormwater into the natural waterways when the storm abates.

The Penang state government has a duty of care to the residents of Penang to ensure that disasters of such proportion should not happen.

Over the past four years, a total of 119 incidences of flooding has been recorded in Penang. Penang is an economic powerhouse and home to some of the world most high-tech electronics producers.

The state government has to provide a safe and secure environment for investor to house their production facilities and assets. Otherwise, multinationals might shun the island because of the cost of protecting and insuring their priceless assets. Productivity would be affected and the cost to remedy the damage.

We will only find out the true financial cost of this disaster over the next few weeks.

For Penang to recover from this tragedy, federal funding is required to repair all the damaged infrastructure within the state.

The very least they can do is to provide a COMPETENT flood mitigation plan for the state starting with a comprehensive Drainage Master Plan Study.

The Penang government has to be ACCOUNTABLE to the people and not private developers. If certain waterways and catchment areas have to be gazetted as permanent drainage and storage areas, then so be it.

The safety and well-being of the Rakyat has to come first. Lastly, in the interest of  TRANSPARENCY, Penang has to launch an inquiry into how the local council approved property developments on Class III slopes without adequate slope protection.

The collapse of many retaining structures and slope failures in such risky locations is cause to for concern because as of right now, any dwelling structure located downstream to those development could possibly be the scene for the next Highland Towers.

Kong Len Wei@konglen wei

Source: by Kong Len Wei, a Civil engineer  and councilor for Majlis Perbandaran Manjung and the Chairman of MCA Youth Perak Young Professional’s Bureau
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Hills, landslides, floods and damaged houses: What to do?


Hills, landslides and floods: What to do?

 The mega floods in Penang which followed the landslide tragedy, flash floods in Kuala Lumpur and Petaling Jaya, and a shrinking water catchment area in Ulu Muda … it’s time our leaders paid attention to the environment.

THE news has been full of the related issues of hill cutting, logging, landslides and floods. The environmental crisis is back in the public consciousness, and we should seize the moment to find solutions and act on them.

Penang has been the epicentre of this upsurge, for good reasons: the mega flash floods and landslides over the weekend and on Sept 15, and the Oct 21 hill slope collapse in Lembah Permai (Tanjung Bungah) which killed 11 employees at a construction site.

Saturday’s overwhelming floods in Penang, which paralysed the island in so many ways and affected lives, property and activities, was a megashock not only to people in the state but throughout the nation.

But it’s not just a Penang phenomenon.

On Oct 30, flash floods caused massive traffic jams in Kuala Lumpur and Petaling Jaya.

Federal Territories Minister Datuk Seri Tengku Adnan Tengku Mansor said the floods were caused not only by heavy rain but by developers of two projects that had blocked drainage.

A stop­work order will be issued if the developers do not take measures specified by City Hall.

Another threat is the logging of valuable water catchment areas.

The Ulu Muda forest in Kedah, which provides much of the water supply to Kedah, Penang and Perlis, is under such a threat as the originally designated Ulu Muda water catchment area has shrunk by 87% from 98,400ha in 1969 to 12,484ha in 2017.

The forest reserve was the most important water catchment area in the Northern Corridor Economic Region but timber production there was growing because Kedah depended on logging as a source of income, said Penang Water Supply Corporation CEO Datuk Jaseni Maidinsa ( The Star, Oct 27).

He suggested that the federal government compensate Kedah for gazetting and preserving Ulu Muda as a water catchment area, noting that the Muda Dam provided 80% of the daily raw water needs for Kedah.

Jaseni issued this stark warning: when logging affects the Muda Dam’s ability to store sufficient water, all three states would face a water crisis in the next dry season.

In Penang, the debate on the floods and the tragic landslide has continued non­stop and moved last week to the State Assembly.

The clearest explanation of the worsening flood situation that I have heard was the presentation by scientist Dr Kam Suan Pheng at the Penang Forum event on Oct 29.

 

A former Universiti Sains Malaysia academic who then worked in international agencies including the International Rice Research Institute, Dr Kam said there were seven main causes of floods in Penang:

  • > Increasingly heavy rainfall; 
  • > Expansion of impermeable surface area;
  • > Eroded soil and landslides increase the sediment load in surface runoffs;
  • > Debris that clogs up waterways; 
  • > Accumulation of surface flow downstream;
  • > Limited capacity to channel off discharge; and
  • > High tides slow down discharge to the sea.

She provided historical and current data to show that flash floods are happening more frequently and with more adverse effects, even with lower rainfall levels. With higher rainfall expected in future, the situation can be expected to significantly worsen.

Dr Kam focused on expansion of impermeable surface area (caused by ill­ planned development and replacing natural ground cover such as hills, fields and trees that act as a water ­absorbing sponge) and soil erosion and landslides (caused by cutting and development in hill areas) as two factors that need special attention.

She quoted Datuk Kam U Tee, the Penang Water Authority general manager (1973~­90), as having correctly explained the Penang floods of October 2008, as follows: the floods were caused by conversion of the Paya Terubong and Bayan Baru valleys into “concrete aprons that do not retain water. The water immediately flows into streams causing flash floods even with moderate rainfall. Because of hill­cutting activities, the flowing water causes erosion of the slopes which carries mud and silt into the river beds”. ( The Star, Oct 24, 2008).

Flood mitigation and flood prevention are two types of actions to tackle the flood problem, said Dr Kam.

Mitigation measures only tackle the symptoms, are costly and need public (state and federal) funds. These include structural measures (upgrading rivers, installing pumps) and non­structural measures (drainage masterplan; flood forecasting and warning systems; public education).

 

Flood prevention should be the priority as that would tackle the root causes, said Dr Kam, who proposed the following actions:

  • > Proper land-­use planning and development control;
  • > Environmental, drainage, transportation and social impact assessments should be made   regarding development plans, beyond individual development projects;
  • > Stringent protection of hill land and slopes;
  • > Stringent monitoring of development projects;
  • >More greening of urban spaces, including a system of parks; and
  • >Protection of riverbanks.

To take these measures, policymakers have to deploy a wide range of policy and legal instruments, and to adopt environmentally sensitive and ecologically friendly structural and non­structural solutions, concluded Dr Kam.

Another speaker, Datuk Agatha Foo, complemented Dr Kam nicely when she elaborated on the various laws, guidelines and plans that can be used to prevent the wrong kinds of development, to control and monitor approved developments and to strictly enforce the laws.

She also spoke on the loopholes and weaknesses of the laws and how to correct them.

Events of the past few weeks alone indicate that the number of environment ­related and human-made problems are bound to increase, probably many times, unless our leaders and policymakers give higher priority to the environment and to well­ planned development.

The paradigm shift should start now, as the alarm bells have already rung.


Source: The Star Malaysia
director@southcentre.org Martin Khor Martin Khor is executive director of the South Centre. The views expressed here are entirely his own.
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Penang bald Hillslopes a “time bomb”


Choong (in white) surveying the deforested hillslope next to Majestic Heights.

PENANG MCA has raised concerns about the safety of the residents in Tingkat Paya Terubong 4, right behind the Majestic Heights flats

Its Bukit Gelugor deputy secretary Marvyy Choong said the deforested hill behind the flats, just a stone’s throw away from Block 1, was a time bomb.

“There are 12 blocks of 23-storey flats in Majestic Heights.

“I understand that many residents have already moved out, leaving only a few more, and we’re worried for their safety.

“The surrounding hills are going bald due to ongoing earthwork and the 12 blocks may all collapse during a landslide,” he told a press conference at the flats yesterday.

He added that the hill clearing work was done by a housing project developer, which is also responsible for the paired road linking Bukit Kukus and Bukit Jambul.
Credits – Slides presented by Environmental, health and safety consultant Aziz Noor, and scientist Dr Kam Suan Pheng at the Penang Forum event on Oct 29, 2017
Aishah looking out her window to the hillslope which is just a stone’s throw from her unit

“We are not opposing the paired road project but we’re against high-rise projects in vulnerable areas that may endanger lives,” he said.

Choong said Jalan Paya Terubong was not safe as trees frequently fall during a downpour.

“It is also unsafe for heavy vehicles and they must be banned from using this road after the paired road is completed.”

Meanwhile, housewife Aishah Che Wan, 68, who is living at another apartment scheme near the same hill, said muddy water gushed down the hill on Saturday and Sunday.

“Some small stones damaged a few cars parked by the side of the road,” she said, adding that she now feared for the safety of her family.

“I hope that whoever is clearing the hill will take necessary safety measures to prevent any mishap,” she said. – Starmetro



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PAC blamed Penang Island City Council (MBPP) for failing to enforce laws on hillside development


Becoming bald: A view of the clearing work seen at Bukit Relau which was visible from the Penang Bridge in November last year.

GEORGE TOWN: The Penang Public Accounts Committee (PAC) had faulted the Penang Island City Council (MBPP) for failing to monitor and enforce laws on hillside development in the state.

In its report on hill land development tabled on May 19, PAC said the lax monitoring not only resulted in unchecked hill clearing, but landowners were able to build houses, chalets, hotels and restaurants on Penang’s hill range.

“This situation happened because of MBPP’s failure to monitor and patrol hill land after notices were issued to landowners.

“This led to risks of soil erosion, landslides, mudslides, river sedimentation and disruptions to the surroundings,” it stated.

PAC’s report gained public attention after Penanti assemblyman Dr Norlela Ariffin brought it up in a dialogue session held by Penang NGOs and residents associations on flood and landslides on Sunday.

She told 200-odd members of the civil society that the report was tabled in the state assembly but never presented.

PAC stated that according to the state Audit Department, out of 31 illegal hill land clearing cases in 2015, four were in the Teluk Bahang water catchment area.

The committee, chaired by Bagan Dalam assemblyman A. Tanasekharan, visited nine of the cases on March 1.

It highlighted the Bukit Relau hill clearing case 410m above sea level and visible from Penang Bridge.

“Media reports and public comments should have been enough for MBPP and other authorities to take immediate action.

“Mitigation works on Bukit Relau have taken so long to be completed. The local authorities neither monitor the work frequently nor supply regular updates,” it added.

On illegal clearing that took place on Penang Hill, PAC expressed frustration that the actual dates and specific locations of the earthworks could not be determined because of the unsatisfactory records and monitoring.

“On Penang Hill, there was confusion on the existing agricultural plot and the new clearings.

“There are no definitions of allowable hill land agricultural works that involves digging,” it added.

PAC also objected to an earlier suggestion by the state Local Government Committee to exclude hill land earthworks related to agricultural activities from needing work permits.

Source: The Star by Arnold Loh

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