Liow: CRCC confirms it was never a shareholder of SPV

  • Nation
  • Monday, 05 Feb 2018

KUALA LUMPUR: China Railway Construction Corporation Ltd (CRCC) has confirmed that it was never a shareholder of the special purpose vehicle for Penang’s mega project of three main roads and an undersea tunnel.

Transport Minister Datuk Seri Liow Tiong Lai said CRCC was also not a shareholder of the SPV’s parent company Zenith Construction Sdn Bhd nor was it contracted directly with the Penang government.

“CRCC has neither given approval nor has knowledge of why the Penang government had considered them as shareholders of the SPV.

“They only signed an acknowledgement of commitment as an appendix to the preliminary agreement of the undersea tunnel and three main road projects that they will deliver the project should they be awarded any portion by the SPV,” Liow told a press conference after launching the Malaysia-China SMEs Business Matching Conference 2018 here Monday.

Liow had met top CRCC officials during his recent visit to China to attend the 1st Asia Pacific Ministerial Conference on Civil Aviation and a bilateral meeting with his Chinese counterpart in Beijing.

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nation , Liow Tiong Lai , CRCC , Penang , undersea tunnel


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