PETALING JAYA: A fashion company is the shareholder of a special purpose vehicle (SPV) for the RM6.3bil Penang undersea tunnel project, said MCA deputy president Datuk Seri Dr Wee Ka Siong (pic).
"In early 2013, there were allegations that the SPV which was awarded the mega project was under-capitalised and lacked experience.
"The DAP-led government, in a move to reassure the public, issued a statement that two giant and experienced China construction companies will be shareholders of the SPV and is backed by RM4.6bil 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," he said in a statement on Saturday (Jan13).
He added that in their place now is a small local fashion company called VOIR Holdings while 39% of the shares of the SPV are held under nominees.
Dr Wee, who is also the Minister in the Prime Minister's Department, questioned if the 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," added Dr Wee.
In response, Penang Works, Transportation and Utilities Committee chairman Lim Hock Seng said the state government will leave it to the consortium to answer because it cannot speak for the company.
"I understand that the consortium will issue a statement early next week," he added.