‘Paid-up capital only RM26.5m’
It’s a far cry from the RM381m CM revealed, says Wee
KUALA LUMPUR: The Penang government should reveal documented proof that the special purpose vehicle (SPV) of the Penang mega project had indeed met the minimum paid-up capital of RM381mil, said Datuk Seri Dr Wee Ka Siong.
The mega project consists of three main roads and an undersea tunnel.
From a Companies Commission of Malaysia (SSM) search on the SPV – Consortium Zenith Construction Sdn Bhd – which detailed the summary of share capital, Dr Wee said the paid-up capital as of now was RM26.5mil, a far cry from RM381mil.
Over the latest twist in the mega project where Penang Chief Minister Lim Guan Eng turned around to ask Dr Wee to show proof that the SPV did not meet the RM381mil minimum paid up capital, Dr Wee said: “I am shocked over how Lim is replying to this matter. All this while, he has been asking me to show proof. I have showed this many times but all he can do is ask me for the same proof again.
“It is Guan Eng that should prove that, without China Railway Construction Corporation Ltd ( CRCC) and Beijing Urban Construction Group (BUCG) as shareholders of the SPV, how did the SPV meet the RM381mil mini- mum paid-up capital today?” said the MCA deputy president in response to Lim’s statement yesterday.
A search on SSM on the SPV also revealed that the current shareholders are Zenith Construction Sdn Bhd (47.12%), Kenanga Nominees (Tempatan) Sdn Bhd (38.92%), Vertice Bhd (13.21%) and Juteras Sdn Bhd (0.75%).
Dr Wee recently said he was ready to face Lim in a debate over the controversy.
However, Dr Wee added that he was not convinced Lim would take up the challenge.
Dr Wee said that Lim would probably refuse to participate in a debate by saying, “the whole world understands the issue, except Dr Wee”.
“He will also say that the Malaysian Anti-Corruption Agency has stepped in to investigate, so he does not want to discuss the issue.
“Maybe he will ask his state exco members to debate with me instead,” he was reported to have said.
In George Town Lim continued to claim that the SPV fulfilled the required RM381mil minimum paid-up capital to qualify for the tender.
“We have said yes (to the fulfilment of the minimum paid-up capital),” Lim said after launching a road widening project for parts of Jalan Masjid Negeri and Jalan Scotland yesterday.
The mega project came under the spotlight early last month when Malaysian Anti-Corruption Commission investigators arrested several key officials.
It includes the construction of a 7.2km undersea tunnel connecting Gurney Drive on the island to Bagan Ajam in north Butterworth.
There will also be a 10.53km North Coastal Paired Road from Tanjung Bungah to Teluk Bahang, a 5.7km Air Itam-Tun Dr Lim Chong Eu Expressway bypass and 4.075km Gurney Drive-Tun Dr Lim Chong Eu Expressway bypass.
Maybe he will ask his state exco members to debate with me instead. Datuk Seri Dr Wee Ka Siong