Ewein throws support behind MD
PETALING JAYA: Ewein Bhd has thrown support behind its managing director Datuk Ewe Swee Kheng, who was remanded by the Malaysian AntiCorruption Commission (MACC) to facilitate and assist in an investigation in relation to the Penang undersea tunnel project.
“We stand by our group managing director unequivocally in this situation and we endeavour to assist in the investigation as best we can to ensure a swift conclusion to this matter,” it said in a filing with the stock exchange.
Ewein noted that the investigation is based on a complaint lodged by a particular person recently.
“However, Ewein would like to clarify that it is an irrefutable fact that Ewein and its subsidiaries are not involved in any form in the Penang undersea tunnel project.”
Ewein highlighted that it has merely via subsidiary Ewein Land Sdn Bhd (EL) entered into a joint venture with Consortium Zenith Construction Sdn Bhd (CZ) in 2013 to develop a piece of land measuring 3.67 acres in Bandar Tanjong Pinang, Penang, which was valued at RM133 million.
“Ewein did not acquire the land from the Penang state government. The land is being developed jointly in a commercial transaction between EL and CZ via the joint venture vehicle Ewein Zenith Sdn Bhd (EZ), and was supported by a valuation report which was submitted to Bursa Malaysia Securities Berhad,” it said.
Ewein, via subsidiary Ewein Zenith II Sdn Bhd (EZII), had also entered into another agreement to acquire a piece of land measuring 4.4 acres in Bandar Tanjong Pinang, Penang, for RM162 million in 2015.
“Again, the land was to be acquired from CZ and not from the Penang state government. This was a commercial transaction between EZII and CZ and the details of the intended acquisition were announced to Bursa Malaysia Securities Berhad and is publicly available information.
“Thereafter, EZII decided to terminate this agreement as the size of the land which was ultimately alienated by the state to CZ was approximately 2 acres instead of the 4.4 acres which was agreed pursuant to the sales and purchase agreement.”
In addition, EZ had entered into a memorandum of agreement (MoA) with CZ to acquire the rights to purchase 50 acres of to-be-reclaimed land at Gurney Drive in 2016.
“The MoA sets the foundation for the company’s property development programme for this strategic growth area for the next 10 years. This 50 acres land is part of a reclamation project undertaken by a company not connected to Ewein or any of its subsidiaries and is still under the sea as the reclamation work is in progress and on-going,” Ewein said.