‘State must be informed of shareholder changes’

KUALA LUMPUR: MCA yesterday revealed further discrepancies involving the multibillion ringgit Penang cross-channel undersea tunnel project.

Its deputy president, Datuk Seri Wee Ka Siong, said any changes to a project that was awarded by a state government needed to be reverted to the latter, especially if it involved shareholdings.

He said failure to do so could render the project null and void.

Wee, however, said this was not done for the controversial Penang undersea tunnel project, after several changes were made to its special purpose vehicle (SPV) shareholding.

“As a state government, if such a massive project is handed over to another company and there are shareholding changes or other changes made, the state government certainly has the power to make a decision.

“At least, they must inform you (Lim Guan Eng) as the chief minister. So please, address this matter clearly,” he said at a press conference yesterday.

Wee was referring to Lim’s statement on Jan 15 that the latter was unclear of the decision to include Voir Holdings Bhd, a local fashion company, as part of the project’s special purpose vehicle (SPV).

Lim’s claim came after it was revealed that Voir had been listed as part of the project’s SPV, despite not being in the initial one, with a 13.21% equity.

He had clarified that Voir was merely an investor and not the main contractor of the tunnel project.

The DAP secretary-general had also claimed that it was beyond the state government to interfere in any company’s shareholding structure.

“Based on the contract signed, Consortium Zenith-BUCG Sdn Bhd was awarded the project and it had appointed China Railway Construction Corporation Ltd as the main project contractor. That is the contract we signed and we will abide by it,” he had said.

Meanwhile, state Public Works, Utilities and Transportation Committee chairman Hock Seng said he could not understand why Wee kept harping on the undersea tunnel project issue.

Lim Hock Seng told theSun that even Wee could be the main shareholder if he wants. He said certain quarters are out to sabotage the project, adding that they will proceed with the project despite the allegations.