GEORGE TOWN: The Malaysia-China consortium which was awarded the tender for four infrastructure projects in Penang worth RM6.3bil only has a paid-up capital of RM2 because it was set up as a special purpose vehicle (SPV), according to two top state officials.
State secretary Datuk Farizan Darus and state financial officer Datuk Mokhtar Jait said the consortium would have been dissolved if the SPV failed to win the tender because the joint venture was formed to specifically bid for the projects.
Already a subscriber? Log in.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
