Penang BN vows to unfold Pulau Jerejak land deal truth

 |Nov 22, 2016
Teng reiterated that he’s very serious about the land issue and have no time to play politics with Guan Eng.
Teng reiterated that he’s very serious about the land issue and have no time to play politics with Guan Eng.

The Penang Barisan Nasional (BN) chairman Teng Chang Yeow vows to pressure its state Chief Minister Lim Guan Eng over the Pulau Jerejak land issue till the truth prevails.

Teng via a press statement said that he has the right and freedom to seek for the truth and in the course of it, to prove that Guan Eng’s statements on Pulau Jerejak are lies.

He also labeled Guan Eng as “Asset Selling Chief Minister”  for the record number of land sales over eight years in Penang.

Teng reiterated that he’s very serious about the land issue and have no time to play politics with Guan Eng.

“If the Chief Minister thinks that this is incorrect, he should first criticise his father and himself for deploying such tactics when they were the opposition!

“The Chief Minister needs little patience if he wants to see my proof.

“Either I show it now or I show it later, the Chief Minister is going to take legal action against me to shut my mouth. As such, his 48 hours is of no significance to me,” he said.

Teng also slammed the manner Guan Eng blamed the press and issued legal notice to The Star, shows he is a person of insecure personality with intolerance towards press freedom.

The Chief Minister should not take the press as a punching bag. But if it pleases him, the Chief Minister can punch me, added Teng.

“The proceeds of the sale of PDC’s 49% stakes in TIRSB will be paid over a period of 8 years according to the General Manager of PDC.

“It has been the practice of PDC since the BN state administration, to sell land and collect payment over a period of time, allowing successful tenderer to generate enough cash flow to pay for the purchase of the land.

“It was a practice which was first criticised by the Chief Minister when he first assumed office, but now he is fully utilising the same method.” highlighted Teng.

Teng also questioned “Why should a listed company buy over PDC’s shares be allowed to make payment over eight years? This is not selling of land but shares.”

He further queried that a listed company has many ways to raise fund to buy over the shares as in all cases of shares transaction.

Why should this sale by PDC an exception and how did PDC arrive at the value of RM156 million for its 49% stake in TIRSB, was the calculation based on land value or profit guarantee, asks Teng.

Teng claims the sale was completed this year as per PDC statement and a cross check on Ideal’s and Bursa Malaysia website shows no announcement of such deal by a listed company.

Was the sale done long ago and kept away from the public?, ponders Teng.

“The Chief Minister has failed to answer as to the coincidental happening that Ideal was given without tender the reclamation rights of 25 acres of land facing Pulau Jerejak, which by now with the purchase of 49% stakes in TIRSB, would seemingly give Ideal a perfect advantage in developing Pulau Jerejak.

“Let me remind the Chief Minister that being a 49% shareholder of TIRSB, PDC also benefitted from the so called 73% below market price purchase of the 80 acres land in Pulau Jerejak in 2001.

“This is an open secret that it is a government to government joint venture unlike the sale of PDC’s 49% stake to a private developer,” added Teng.

 

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Ramani has been a writer and analyst for the past 10 years believes in fair news reporting.