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Explain how SPV fulfils RM381mil requirement, Dr Wee tells Penang govt

On Thursday    08-02-2018 16:01:00

PETALING JAYA: The Penang government essentially awarded a RM6.34bil mega project in 2013 to an 82-day-old company with a paid-up capital of only RM300,000, said Datuk Seri Dr Wee Ka Siong.

The MCA deputy president said this was proven following the state government's admission that China Railway Construction Corporation Ltd (CRCC) was not a shareholder of the mega project's special purpose vehicle (SPV) following the withdrawal of Beijing Urban Construction Group (BUCG) from the project.

“Without these two China companies as shareholders, Penangites have a right to know if the SPV still fulfils the RM381mil minimum paid-up capital to even qualify for the tender,” said Dr Wee in a statement Thursday.

In 2013, an open letter, published in Buletin Mutiara's March 16-31 edition, stated that the Penang government had awarded the tender to Consortium Zenith BUCG, an SPV company set up by a joint venture between Construction Zenith and CRCC along with BUCG, Sri Tinggi Sdn Bhd, and Juteras Sdn Bhd.

There was also a chart in the letter which stated that the paid-up capital of the consortium was RM4.549bil.

Dr Wee repeated his call for the SPV to provide documented proof of how much payment has been made to CRCC since the contract signing in October 2013, and for the Penang government to state CRCC's exact role in the project over these past five years.

-The Star-

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