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Was Lim Guan Eng even aware that BUCG’s shareholding was less than 1% ?

On Thursday    08-02-2018 15:15:00

8 February 2018


Was Lim Guan Eng even aware that BUCG’s shareholding was less than 1% ?

Lim Guan Eng claimed that everything he said before the signing of the contract on 6 Oct 2013 was unimportant or inaccurate, as the contract has not been finalised then. We are very shocked with his righteous assertion which only shows that what he said before cannot be used as a reference, and means nothing.

Since he said he wants to talk about what happened after the signing of contract in October 2013, then I will entertain him to the end.

I had already responded yesterday morning to his reply on my question via a press statement. From his reply yesterday, he completely proves that he cannot answer my questions. The most obvious one would be the role of CRCC in the SPV. He refuted what he had said earlier, and cannot answer questions from the journalists too.

At last, CM Lim Guan Eng was forced to respond with a quick reply, saying that whatever said before the signing of the contract is “not as important or relevant.” So we now see the true colours of Guan Eng being the most rogue and invincible man.

Since Lim Guan Eng only wants to talk about what happened after the contract was signed, I would like to ask him: Why was what the State Secretary announced, of which  Lim Guan Eng had mentioned multiple times, that BUCG is a shareholder in the SPV, owning a 10% equity in it? When the Penang state government signed a contract with the SPV on 23 Oct 2013, he had clearly seen that BUCG was one of the shareholders and owned an equity of 10% as stated in the contract.

But today I want to ask Lim Guan Eng: Since he signed the contract, did he discover that throughout the entire process, BUCG did not own 10% shareholding? Based on an official document dated May 2016 we obtained from Companies Commission Malaysia (SSM), it was discovered that on 11 May 2016, BUCG accounted for only 1,000 out of the 17,500,000 shares in the SPV, or a measly 0.00571% of the entire shareholding, which is even lower than 1%, let alone 10%. I would like to ask Lim Guan Eng, ultimately, when did BUCG’s shares ever account for a 10% stake in the SPV? This issue does not only involve shareholding, but also the company’s financial problems.

Then, on 25 August 2016, an unexpected crane accident at a construction site at Pavillion, Kuala Lumpur resulted with the Penang state government evicting BUCG from the SPV. Although the family of the female victim involved at that time disagreed with the Penang state government’s decision, they were purportedly satisfied with the compensation by BUCG. But this is not so important because as that time, BUCG had long been placed in “cold storage”, holding only 10% of shareholding.

I would like to ask Lim Guan Eng. Now that CRCC is confirmed not a shareholder but reported to be the main contractor, and BUCG was excluded from the very beginning, what say you now, Lim Guan Eng?

Following is the URL link to the press conference chaired by Dr Wee Ka Siong at MCA Headquarters this afternoon: 

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

-MCA Online-

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