Malaysia

PCCC urges Penang CM to investigate PDC

PCCC said the land sale fiasco served as a revelation to the people, exposing the arrogance of the PDC

Updated 3 years ago · Published on 18 Oct 2023 7:29PM

PCCC urges Penang CM to investigate PDC
PCCC urged Chow to conduct an internal investigation into PDC and reshuffle the staff.

by Ian McIntyre

GEORGE TOWN - Chief Minister Chow Kon Yeow found himself under fire from various fronts despite sanctioning the move to scrap the controversial industrial land sale where a local business tycoon described him as “incompetent, ignorant and shameless.” 

Penang Chinese Chamber of Commerce (PCCC) life honorary president Tan Sri Tan Kok Ping told a packed press conference that Chow was not fit to perform his role as chief minister, raising the political temperatures in Penang.

He also urged Chow to conduct an internal investigation into PDC and reshuffle the staff.

Earlier, Chow reportedly revealed that there are some quarters out to oust him as the state's top executive even though he is just into his second and final term here.

Under the amended state constitution, the chief ministership is limited to just two terms, and Chow rose to prominence in 2018 after replacing his predecessor DAP chairperson Lim Guan Eng, who had also served two terms.

PCCC president Datuk Seri Hong Yeam Wah meanwhile, said the land sale fiasco served as a revelation to the people, exposing the arrogance of the Penang Development Corporation (PDC) for entering into a land sale with Umech Land Sdn Bhd without observing proper due diligence.

Hong said that based on credit ratings, the alleged party was incapable of financially executing the deal to develop the Batu Kawan Industrial Park II

The company had a debt of RM39.9 million and a gearing ratio of 215%, which suggests that the company had significant debt in relation to its equity, Hong claimed.

Hong also questioned how the land was given a 99-year leasehold status, which went against the 60-year lease normally granted for industrial land.

Earlier, Gerakan deputy president Oh Tong Keong said that PDC committed a serious error by entering into direct negotiation with Umech instead of sticking to the desired practice of open-tenders.

Oh said the way the deal was struck, it raised suspicions among the public that there exist elements of concealment in the project.

The 226ha deal was called off by PDC, citing the fact that Umech did not notify the state over the change of a controlling stakeholder after it emerged that Umech Land sold a controlling stake to the master city developer - Sunway Group Bhd.

Sunway had reportedly disclosed to Bursa Saham Malaysia that Umech Land, the company for which it has acquired some equity, had inked a joint development agreement with PDC to mutually develop the industrial park worth some RM3.5 billion. - The Vibes, October 18, 2023

Related News

Community / 1w

Penang to be aged society by 2040, welcomes establishment of NICE

Malaysia / 1w

Budget 2027: Penang looks forward to good news on PTFC

Malaysia / 3w

Police investigating Negeri Sembilan crisis from various angles - Minister

Malaysia / 3w

PH-BN cooperation in Penang remains smooth, says Exco

Diary / 1mth

A leader's role is not just about issuing statements and making headlines – Penang CM

Malaysia / 1mth

No more political value for UMNO to be part of Penang administration, says Guan Eng

Spotlight

Malaysia

Papagomo acquitted for second time in sedition case over government, Israel claims

Malaysia

ECRL fares start at RM60, with 50% discounts for children, seniors and OKU

Malaysia

DKU seeks court action against Ismail, 16 others over Negeri Sembilan royal dispute

By Alfian Z.M. Tahir

Malaysia

Kampung Manis: Dreams of 227 families to own replacement homes draw closer

Malaysia

Fadhlina takes legal action over video of 2023 Parliament speech

By Alfian Z.M. Tahir

Malaysia

Civil servants urged to turn Selangor Sultan’s anti-graft message into action

Malaysia

Animal welfare group urges probe into alleged sexual abuse of cat in viral video

Malaysia

Macron appeals for calm after France riots: 2,400 arrested, nearly 1,000 officers injured

Malaysia

Malaysia renews offer to help Indonesia fight fires

You may be interested

Malaysia

Could a Black Swan fuel crisis be approaching?

Malaysia

Kampung Manis: Dreams of 227 families to own replacement homes draw closer

Malaysia

Property agent loses over RM79k after being scammed twice

Malaysia

Malaysia offers aircraft, helicopters and 50 personnel to fight Indonesian fires

Malaysia

Macron appeals for calm after France riots: 2,400 arrested, nearly 1,000 officers injured

Malaysia

PAC to probe Sabah Pan Borneo Highway delays despite RM10.5b spent

Malaysia

Civil servants urged to turn Selangor Sultan’s anti-graft message into action

Malaysia

1MDB gets second chance to challenge US$3.78b judgment against Jho Low