In early 2013, amidst allegations that the Special Purpose Vehicle company awarded the mega RM6.3 billion Penang Tunnel was heavily under-capitalized and lacked experience, the DAP Penang State Government issued a statement to reassure the public that two giant and experienced China construction companies will be shareholders of the SPV and is backed by RM4.6 billion in paid-up capital.
But today, our checks show that the two China construction companies are nowhere to be seen as shareholders of the SPV.
In their place is a small local fashion company called by VOIR Holdings while 39% of the shares of the SPV are held under nominees.
Did the DAP Penang Government lie to the public and did a “bait and switch”?
Does this very material change in ownership and experience means that the project award made under the Request for Proposal exercise (not open tender) is now null and void?
The DAP Penang Government must answer as the Penang people have a right to know why their mega-billions undersea tunnel will now be built with the participation of a small local fashion company instead of two experienced and well-funded construction companies as originally promised.
Please refer to the following information to substantiate the above claims.
2013 Penang Govt promise
2018 actual shareholding:
Datuk Seri Dr Ir Wee Ka Siong
MCA Deputy President
Minister in the Prime Minister’s Department