Ooi: Where is the RM470mil?
Penang Gerakan seeking explanations over PDC’s massive fund drop
GEORGE TOWN: Penang Gerakan is questioning what has happened to the money in the coffers of the Penang Development Corporation (PDC) and its subsidiaries, which has seen a drastic drop in recent times.
Penang Gerakan publicity bureau chief Ooi Zhi Yi said based on the annual financial reports, the number has fallen to RM262.204mil last year from RM736.255mil in 2015 – a drastic drop of more than RM470mil.
Likewise, the accounts for PDC group of companies also saw a decline from RM826.060mil in 2015 to RM354.026mil last year, again a drop of more than RM470mil.
“We hope the DAP-led government can clarify the matter.
“Where were the funds transferred or paid to?
“What is the money being used for?” he asked during a press conference at Penang Gerakan headquarters yesterday.
Ooi also urged the state government to shed light on the revenue of land sales secured by PDC between 2011 and last year.
He alleged that the PDC had secured at least RM1.85bil of revenue via land sales between 2011 and last year but it was not mentioned in its annual report.
“The PDC should explain whether the transaction was done through other sources.
“They need to make public the details of the land sale,” he said.
Ooi also urged PDC to reveal the total amount of land sold from 2008 until this year, and the sales value of the land.
“It is important to know whether the revenue from land sales is being used for the benefit of Penangites.
“Is it being used to build affordable housing units?” he asked.
Attempts to reach PDC general manager Datuk Rosli Jaafar for comments yielded no response.