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Show how Penang Tunnel SPV still fulfils RM381mil minimum paid-up capital requirement and show how much has been paid to CRCC since year 2013

On Thursday    08-02-2018 09:55:00

8 February 2018

PRESS STATEMENT BY DATUK SERI DR IR WEE KA SIONG, DEPUTY PRESIDENT OF MCA & MINISTER IN THE PRIME MINISTER’S DEPARTMENT MALAYSIA


Show how Penang Tunnel SPV still fulfils RM381mil minimum paid-up capital requirement and show how much has been paid to CRCC since year 2013


1.       There is no point in continuing to argue with Lim Guan Eng on whether the Penang Government and him had ever said that CRCC was a shareholder.


2.       Despite the abundance of documented proof that I have shown, Guan Eng will refuse to admit he had lied.

3.       Shockingly, the latest excuse from him in his statement yesterday was that whatever he had said about CRCC prior to the contract signing in Oct 2013 is not important and there is no more need to explain the contradiction. Once you start coming up with twisted and shameless excuses like these, there is no more point in arguing.

4.       However, with Guan Eng admitting that CRCC was never a shareholder despite what he had said before and after the withdrawal of BUCG entirely from the project, the Penang state Government has essentially awarded a RM6.34 billion project to a 82-day old company with paid-up capital of only RM300,000 at that time.

5.       Without these two China companies as shareholders, the Penang people have a right to know if the Tunnel Special Purpose Vehicle (SPV) still fulfils the RM381mil minimum paid-up capital to even qualify for the tender. Do not try to hide behind the Penang State Secretary. Just answer the question and explain how the SPV still fulfils the RM381mil paid-up capital requirement.

6.       In order to prove that CRCC is still the master contractor, Guan Eng is also reminded of my challenge for him to instruct the Tunnel SPV to provide documented proof of how much in payment has been made to CRCC since the contract signing in October 2013 and what was CRCC's exact role in the project over these past 5 years.

Datuk Seri Dr Ir Wee Ka Siong
MCA Deputy President
Minister in the Prime Minister’s Department

-MCA online-

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