In a six-minute video tutorial, Wee began by making a plea to Lim to “not lash out needlessly in anger”.
“I believe that after so many years, there is surely much doubt in the hearts of the people. For once, please clearly inform us on what has happened,” he said in his introductory remarks.
Wee, who is also MCA deputy president, claimed that after a memorandum was signed by the top two leaders of Malaysia and China in 2011, Lim had pledged to the people several times that the project would involve two very large-scale companies.
He pointed out that on March 4, 2013, Lim had directed the state secretary and the state financial officer to announce that a Special Purpose Vehicle (SPV) for the undersea tunnel project had been awarded via a joint venture with four major shareholders.
“What you told the people is this: that firstly, according to the Penang state-run publication Bulletin Mutiara, Zenith Construction, together with China Railway Construction Corporation (CRCC), hold a 70% equity, Beijing Urban Construction Group (BUCG) has 10% equity, while the two remaining companies, Sri Tinggi Sdn Bhd and Juteras Sdn Bhd, have 10% equity each,” he said.
However, after a few years, Wee claimed that this has changed. He said based on the latest report from Bursa Malaysia, the latest shareholding of the SPV showed Zenith Construction has a 47.12% stake.
Wee said a 2012 video clip showed Lim talking about BUCG, which built the bird’s nest stadium in Beijing for the Olympics and which was also involved in the metro rail business.
CRCC, on the other hand, was involved in a complex railway project.
“Today, we only see the name of Zenith Construction with 47.12% shares. I believe you need to explain. In the end, is CRCC a shareholder or not?
“You used the two companies as an example. At that time, many people believed what you said and thought you really wanted these two companies to complete the project.
“So the key question today is: where did both these companies go after the latest shareholding changes of these two companies?”
Wee said that when Lim approved the SPV, the condition at the time was that the companies had to have sufficient financial resources and particular technological know-how, and reminded him that he had told the people how capable these two companies were.
“Now, the words you used were wrong. You say it is a very serious project. I will correct you on a tiny matter. In fact, this is a very large-scale project and cannot simply be given to just any company to undertake.
“At that time, you remarked that the company must have financial resources and technology prowess. From this perspective, in the latest shareholding, the Chinese company BUCG is no longer there,” he said.
Wee further stated that Lim had also previously said that the paid-up capital of the consortium of the four companies was as high as RM4.6 billion.
“Clearly, a consortium of RM4.6 billion should be absolutely capable of construction. But today CRCC and BUCG do not appear to have any stake in the SPV. I think you must give a clear account on this arrangement.
“As a state government, if such a massive project is handed over to another company and there are changes to the shareholders or any changes are made, the state government certainly has the power to make some decisions.
“At least they must inform you as chief minister. CM Lim, please address clearly these questions.”
This video comes on the back of Lim’s tutorial to Wee yesterday, where he narrated to the minister what had transpired since the state government decided to alleviate traffic congestion and improve connectivity between the mainland and the island.
Lim noted that of late, Wee continued to question the viability of the project just because the shareholders had
changed.
He said the composition of shareholders would not affect the project as they are not the main contractors.
Wee had, on several occasions, questioned the role of a fashion company in the project, and had asked Lim to explain why some companies announced as shareholders are not listed in the project’s SPV.
The RM6.3 billion infrastructure project came under renewed public scrutiny following a fresh probe by the Malaysian Anti-Corruption Commission (MACC) and several arrests.
The 7.2km undersea tunnel will connect George Town’s Pangkor Road and Bagan Ajam in Butterworth. It is scheduled to begin in 2023.
Its feasibility study, often a topic of contention between BN and opposition leaders, is now at 92%. The Penang government had said the project was low priority and could take off later, after the three main roads have been completed.
These are highways from Air Itam to Tun Dr Lim Chong Eu Expressway (5.7km), from Tanjung Bungah to Teluk Bahang (10.53km), and from Jalan Pangkor-Gurney Drive junction to Tun Dr Lim Chong Eu Expressway (4.1km).
Fashion firm not building tunnel, roads in Penang, says Guan Eng