PUTRAJAYA, June 15 — The Ministry of Transport has terminated its port dredging and reclamation concession with Integrated Marine Works Sdn Bhd (IMW), ending a 15-year monopoly that began in 2004. Transport Minister Anthony Loke announced the termination, citing IMW’s breach of contract for defaulting on concession charges and failing to disclose a change in ownership. The company, previously owned by Inai Kiara Sdn Bhd, had changed hands without government approval after Inai Kiara was wound up in April 2023.
Loke emphasized that the ministry discovered the breach in July 2023 and served a termination notice earlier this week. IMW’s financial distress, highlighted by The Edge Weekly in May, revealed the company’s failure to meet financial obligations and creditor lawsuits for liquidation. This decision aligns with the government’s effort to end monopolistic practices in federal ports, including major ports like Port Klang, Penang Port, and Port of Tanjung Pelepas.
