Guan Eng diverting attention

Dr Wee : Clarify truthfully ! Where did the RM4.6bil fully paid-up capital go to?

MCA HQ, 18 Jan – MCA Deputy President Datuk Seri Dr Ir Wee Ka Siong slammed Penang Chief Minister as the “king of diversions” when he countered the stances given by the latter regarding construction costs for the Penang Undersea Tunnel.



Chairing a press conference, Ka Siong broadcasted a 5-minute video https://www.facebook.com/MCAHQ/videos/1628524337193320/ which was produced by the MCA Headquarters Publicity Department to clarify truths about the Penang Undersea Tunnel.

Urging the media to be particularly careful, Ka Siong highlighted that Guan Eng is most powerful in changing concepts to blur focus.

“Guan Eng had asked BN Penang Chairman Teng Chang Yeow to prove that he had paid a single sen for the Undersea Tunnel project. Guan Eng contradicted himself when he said that not even 1sen was paid to the contractor. What he gave is a piece of land which has been developed for this project. He gave in kind which is a piece of land valued higher than 1sen. This land if sold, is valuable

Ka Siong also pointed out that, “secondly, in the 4 March 2013 edition of its publication, Bulletin Mutiara, the Penang state government dismissed that shareholders for the Special Purpose Vehicle (SPV) awarded to undertake the massive project was an RM2 firm.  He added that shareholders of the SPV were Zenith Construction Sdn Bhd with a paid-up capital of RM3billion together with China Railway Construction Corporation Ltd (CRCC) with a paid-up capital of RM3billion. Both these firms own 70% of shares. In addition, to prove that the joint venture has the strength and financial resources to undertake the project, Beijing Urban Construction Group (BUCG) owns 10% of the shares, while the two remaining companies, Sri Tinggi Sdn Bhd has 10% equity; and Juteras Sdn Bhd has 10% equity.



“However, according to information when checks were conducted at the Companies Commission of Malaysia (CCM), CRCC does not appear in the list of shareholders and this is the biggest doubt we have put forward," Ka Siong disclosed.

He then pointed out that “at that time, Guan Eng urged the public to support the two Chinese companies which were supposed to build the tunnel: However, CRCC does not appear in the list of shareholders from start to finish. BUCG used to be a shareholder but it is now gone.”

Ka Siong thus inquired from Guan Eng as to where the short-lived RM4.6 billion paid-up capital has ended up.

The third point which Ka Siong raised was that, “from the beginning to the end, construction for 3 paired roads of the Undersea Tunnel project has not yet commenced. However, Guan Eng informed that the developers have developed the land. He immediately showed media an exhibition booklet by the developer.”

The MCA MP for Ayer Hitam then appealed to the DAP Bagan MP, “don’t use David Copperfield tactics. He should say he was mistaken. Search for CRCC and let them say they are shareholders, otherwise kononnya RM4.6 bil is paid up capital by CRCC.”

Probing further, the Minister in the Prime Minister also inquired, “please, Guan Eng, are you also saying that these developments do not exist? When the developers bring these buildings to sell, can Guan Eng also say that did not give the developers 1 sen?"

-MCA online-